Page 14 - Revised Corporation Code News Today

SEC Chairperson Emilio B. Aquino (Photo credit: https://www.sec.gov.ph/commissioners/) “The newly issued rules empower minority shareholders to better protect and advance their interests, as well as help listed firms have a wider perspective and be more inclusive in their decision-making process,” SEC Chairperson Emilio B. Aquino said. He added that, “The greater protection afforded to minority shareholders should encourage increased participation in the stock market and, in turn, further...

Published April 23, 2021, 6:00 AM The Securities and Exchange Commission (SEC) has canceled the corporate registration of Bill Ford VIP Trading, Inc. which has been found to have engaged in unauthorized investment activities resembling a Ponzi scheme.  In an order, the SEC Enforcement and Investor Protection Department (EIPD) found the group headed by a certain Billy Ford Delos Santos Andrada to have engaged in investment-taking activities by selling or offering securities to the public withou...

The Court of Appeals (CA) upheld the order of the Securities and Exchange Commission (SEC) revoking the certificate of incorporation of Kapa-Community Ministry International for its fraudulent investment-taking activities.  The CA Special 16th Division held that the SEC validly acquired exclu

Philippines: Financial Institutions Strategic Transfer Act signed into law On 16 February 2021, President Rodrigo Duterte signed Republic Act No. 11523 or the Financial Institutions Strategic Transfer Act. The FIST Act allows financial institutions, including the Bangko Sentral ng Pilipinas, banks, financing companies, investment houses, lending companies, insurance companies, government financial institutions, government-owned or -controlled corporations, and other institutions licensed by the...

The Securities and Exchange Commission (SEC) will allow the submission of electronically signed annual financial statements (AFS) by corporations enrolled in the newly launched Online Submission Tool (OST). This is while Metro Manila and nearby provinces are under enhanced community quarantin

SunStar + April 10, 2021 THE Court of Appeals (CA) has upheld the order of the Securities and Exchange Commission (SEC) revoking the certificate of incorporation of Kapa Community Minis try International for its fraudulent investment taking activities. In an 18 page decision dated March 11, 2021, the CA Special 16th Division held that the SEC validly acquired exclusive jurisdiction over the petition for the revocation of Kapa’s incorporation, heard the petition with due process a...

Corporate Governance reforms under the Revised Corporation Code BusinessWorld 2 hrs ago © Provided by BusinessWorld The promulgation into law of the Revised Corporation Code of the Philippines saw the placing into statutory language, and therefore into a more permanent framework, many of the corporate governance principles and best-practices adopted by the Securities and Exchange Commission (SEC) in the area of publicly listed corporations (PLCs). It should be noted that although the Revise...

The Securities and Exchange Commission (SEC) announced the revocation of the corporate registration of Pigdeals International Holdings Inc. for unauthorized investment taking activities resembling a Ponzi scheme. The SEC Enforcement and Investor Protection Department (EIPD) issued the order afte

March 8, 2021 | 12:08 am Advertisement AAA MARKET regulators have teamed up to look into the case of Abra Mining and Industrial Corp., which the stock exchange earlier found to be selling shares beyond the number listed on the local bourse. “The Securities and Exchange Commission (SEC), The Philippine Stock Exchange, Inc. (PSE) and Philippine Depository & Trust Corp. (PDTC) are working closely together to investigate the trading of unissued and unlisted shares of Abra Mini...

BusinessWorld February 22, 2021 | 6:51 pm By Cesar L. Villanueva The most profound effects of the Revised Corporation Code in the pursuit of corporate governance (CG) reforms in the private corporate sector may be grouped into three areas, namely: First, the granting of statutory foundation to the CG principles and best-practices championed by the Securities and Exchange Commission (SEC) in the private corporate sector, highlighted by the formal recognition of “corporations v...