August 22, 2018
SEC MEMORANDUM CIRCULAR NO. 11-18
| SUBJECT | : | Rules on the Administration of Government Securities Benchmarks |
PREAMBLE
WHEREAS, Section 2 of the Securities Regulation Code (SRC) declares that it is the policy of the State to promote the development of the capital market and protect the investors;
WHEREAS, Section 5 of the Securities Regulation Code (SRC) provides the Commission the power to formulate policies and recommendations on issues concerning securities market;
WHEREAS, the reference rates for the Philippine Peso-denominated government securities are being calculated regularly for use as benchmark rates for financial transactions and for market valuation purposes;
WHEREAS, there is a need to continue to deliberate on the calculation of credible GS reference rates to enhance transparency and pricing, in line with recent global benchmark reform initiatives and the IOSCO Principles for interest rate benchmark design;
WHEREAS, there is a need to promulgate these rules to govern the administration of the Philippine Peso-denominated government securities benchmarks to ensure that the objectives of the SRC are met;
WHEREAS, the SRC authorizes the Commission to issue rules and regulations to make effective the...
