November 27, 2018
SEC MEMORANDUM CIRCULAR NO. 17-18
| TO | : | All SEC Registered Domestic Corporations |
| SUBJECT | : | Revision of the General Information Sheet (GIS) to Include Beneficial Ownership Information |
Pursuant to its mandate to assist in the implementation of the Anti-Money Laundering Act (AMLA), as amended, and to ensure timely access to adequate, accurate and current information on the beneficial ownership and control of SEC registered corporations and prevent their misuse for money laundering and terrorist financing purposes, the Securities and Exchange Commission ("SEC," "Commission") hereby issues this Memorandum Circular.
SECTION 1. Coverage. — This Memorandum Circular shall apply to all SEC registered domestic corporations, both stock and non-stock.
SECTION 2. Definition of Terms. —
2.1. "Beneficial Owner" refers to any natural person who:
(1) Ultimately owns or controls the corporation; or
(2) Has ultimate effective control over the corporation.
2.2. "Ultimate Effective Control" refers to any situation in which ownership/control is exercised through actual or a chain of ownership or by means other than direct control. This may be achieved through, but not limited to, any of the following...
