August 24, 2020
SEC MEMORANDUM CIRCULAR NO. 23-20
| TO | : | All Concerned Corporations |
| SUBJECT | : | Rules on Corporate Debt Vehicle |
WHEREAS, Section 35 (a) of Republic Act No. 2629, or the Investment Company Act (ICA), and Section 72 of Republic Act No. 8799, or the Securities Regulation Code (SRC), vest upon the Securities and Exchange Commission the authority to make, issue, amend, and rescind rules and regulations and orders, which are necessary or appropriate to the exercise of the powers conferred upon it in the ICA and the SRC;
WHEREAS, the ICA prescribes the regulation of investment companies and other parties offering investment companies' securities, and requires the registration of such securities with the Commission and to comply with certain standards, including, among others, the regular public disclosure of investment policies and objectives and their portfolios, as well as the pricing and costs incurred;
WHEREAS, in response to the dampened economy brought about by the 2019 Corona Virus Disease (COVID-19) pandemic and in order to avert credit and liquidity crises, the mutual fund industry proposed to allow it...
