Rules and Regulations on Minimum Public Ownership (MPO) on Initial Public Offerings

November 28, 2017SEC MEMORANDUM CIRCULAR NO. 13-17TO : All Concerned   SUBJECT : Rules and Regulations on Minimum Public Ownership (MPO) on Initial Public Offerings WHEREAS, Section 2 of the Securities Regulation Code (SRC)declares that it is the policy of the State, among others, to promote the development of the Philippine capital market and encourage the widest participation of ownership in enterprises;WHEREAS, Section 8.1 of the SRC provides authority to the Commission to approve applications for registration of securities before being sold, offered for sale or distributed within the Philippines on the basis of the registration statement filed with the Commission; WHEREAS, Sections 12.1 and 12.2 of the SRC also authorize the Commission to prescribe the form, information and documents that shall be contained in any registration statement, to dispense with any of said requirements and to require additional information or documents;WHEREAS, Section 12.6 further authorizes the Commission to impose such terms and conditions as may be necessary or appropriate for the protection of investors before taking any action on a filed registration statement;WHEREAS, the public...