The Philippine Stock Exchange (PSE) has reminded all trading participants to comply with the reportorial requirement regarding change in the ownership structure.
A “Trading Participant” is a dealer or broker acting as principals and authorized by the PSE to trade on the exchange through direct access to the trading system. There are currently 134 authorized trading participants in the Philippines.
The PSE reiterated that as per Article 3, Section 4 of the “Rules Governing Trading Rights and Trading Participants”:
Any change in ownership of a Trading Participant constituting a transfer of at least 51% of the total outstanding shares of the corporation over a period of twelve (12) months shall require approval of the PSE Board.
Such change, according to the PSE, will be charged a processing fee of not less than P200,000 or in an amount as prescribed by the PSE Board.
All Trading Participants are also required to submit to the exchange, through the PSE Electronic Disclosure Generation Technology or EDGE system their ownership structure not later than the last Friday of June and December every year.
For June 2014, trading participants must submit details of their ownership structure on or before June 27, 2014.
Should there be material changes in ownership, that is, changes constituting at least 10% in the ownership structure, the PSE requires details of such to be reported to the exchange “within three (3) days upon its effectivity”.
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