September 29, 2017
SEC MEMORANDUM CIRCULAR NO. 11-17
| TO | : | Issuers of Securities and Their Authorized Representatives |
| Subject | : | SEC Form 12-1 Simplified Registration Statement for Hospitals (SEC Form 12-1 SRS) |
WHEREAS, there is an acute shortage of hospitals nationwide which various groups are seeking to address through offering or selling securities to the investing public to raise funds to establish hospitals;
WHEREAS, Subsection 8.1 of the Securities Regulation Code ("SRC") prohibits the selling or offering for sale or distribution of securities within the Philippines, without a registration statement duly filed with and approved by the Commission;
WHEREAS, Subsection 12.1 of the SRC mandates that securities required to be registered under Subsection 8.1 shall be registered through the filing by the issuer in the main office of the Commission, of a sworn registration statement with respect to such securities, in such form and containing such information and documents as the Commission shall prescribe.
WHEREAS, Subsection 12.6 of the SRC directs the Commission to declare the registration statement effective or rejected, unless the applicant is allowed to amend the registration statement, within forty-five (45)...
