AN over 50-year-old share classification rule aimed at monitoring foreign ownership of listed firms has been scrapped by the Securities and Exchange Commission (SEC).
AN over 50-year-old share classification rule aimed at monitoring foreign ownership of listed firms has been scrapped by the Sec urities and Exchange Commission .In an Aug. 7 memorandum circular, the regulator ordered all publicly traded companies to stop classifying common shares as Class A or B shares. Under a 1973 rule, Class A shares can only be owned by Filipinos while Class B shares are available for both Filipinos and foreigners.
Companies with Class A and B shares now have a year from effectivity of the order — which is immediately upon publication in the Official Gazette or at least two national newspapers — to amend their articles of incorporation.The SEC noted that technological advancements in the Philippine Stock Exchange’s trading system had rendered the classification obsolete.
Scraps Share Classification Rule
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