THE Securities and Exchange Commission has drafted rules covering cross-border sales of investment companies, including the requirements and procedure for authorization, reportorial submission, as well as penalties for violations.
Earlier this month, the commission joined the ASEAN Collective Investment Schemes (CIS) Framework, which opens the gate for institutions of member countries to a wider range of investment funds.
The SEC joined the framework through a supplemental memorandum of understanding with its counterparts in Thailand (SEC Thailand), Securities Commission Malaysia (SC), and the Monetary Authority of Singapore (MAS).
Its drafted rules apply to investment companies incorporated in the Philippines, foreign CIS of member countries, and other qualifying CIS authorized to be offered under the framework.
For investment companies incorporated in the…
