Rules on Authorization of an Investment Company as a Qualifying CIS and Recognition of a Foreign CIS under the ASEAN CIS Framework; Securities and Exchange Commission Memorandum Circular No. 09, Series of 2021 (Philippines)

The Memorandum Circular provides for the qualifications of investment companies in order that these may secure an authorization to offer its shares under the ASEAN Collective Incentive Schemes (CIS) Framework. The Memorandum Circular further requires that investment companies must demonstrate their compliance with both domestic regulations and the Standards of Qualifying CIS, whichever is the stricter of the two requirements. Conversely, the Memorandum Circular likewise indicates the requirements in order that a foreign CIS can be recognized and offered in the Philippines. For this purpose, a foreign CIS operator must appoint a local representative in the Philippines for each foreign CIS to be offered in the country.