SECURITIES AND EXCHANGE COMMISSION

 

The Securities and Exchange Commission (SEC) issued the following:

SEC Memorandum Circular (MC) No. 12 Series of 2017 issued 09 October 2017. The SEC provided the guidelines for on-line submission of Risk-Based Capital Adequacy (RBCA) Reports by Broker Dealers in Securities covered by the bi-monthly submission of RBCA reports as prescribed under the 2015 Implementing Rules and Regulations of the Securities Regulations Code.

SEC MC No. 11 Series of 2017 issued 29 September 2017. The SEC issued SEC Form 12-1 Simplified Registration Statement (SEC Form 12-1 SRS) for Hospitals in lieu of the current SEC Form we-1. The MC also provided the conditions for hospitals registered through SEC Form 12-1 SRS for engaging the services of Group B SEC accredited External Auditors or Auditing Firms.

SEC OGC Opinion No. 17-12 dated 19 September 2017. The SEC opined that providing ticketing services through a variety of sales channels such as venue box offices, physical outles and online ticket sale is not retail trade under Republic Act No. 8762 or the Retail Trade Liberization Act of 2000. The SEC defined a ticket (i.e concert or event ticket) as a certificate indicating that the person to whom it is issued, or the holder, is entitled to some right or privilege. It is not a merchandise or good that can on its own be consumed for personal gratification or satisfaction of the holder under the said law. Likewise, the SEC ruled that selling of ticket printers and paper stock to ticketing companies does not constitute retail trade since the same will be used to produce tickets and sell them to the public (i.e event-goers).

 

Full text of the issuances are attached for reference.

SEC Memorandum Circular No. 11

SEC Memorandum Circular No. 12

SEC-OGC Opinion No. 17-12