Philippines redefines commercial paper
The Philippines’ Securities and Exchange Commission (SEC) has upgraded its securities regulations, in a bid to bring its rules for companies in line with international standards. The code clarifies, among other things, a new definition of commercial paper as well as guidelines that make issuing commercial paper simpler. The SEC’s code, which was approved on August 6, updates rules on companies raising funds in the Philippines and addresses gaps in existing regulations. The final version incorporates some amendments suggested by stakeholders and market participants after the SEC first issued its draft proposals in 2011.