SEC Amends List of Authorized Registrars of Qualified and Institutional and Individual Buyers

On 7 September 2023, the Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 12 (“Circular”) containing amendments to the 2015 Implementing Rules and Regulations of the Securities Regulation Code (the “2015 SRC Rules”).

The Circular, in view of Memorandum Circular No. 14, series of 2019, entitled Rules and Regulations Governing Crowdfunding, Section 39.1.4.1 of the 2015 SRC Rules now expands the list of authorized registrars of qualified institutional and individual buyers.

The list of authorized registrars now includes “Funding Portals registered under the SEC Crowdfunding Rules.”