Technical Correction of SEC MC 2, Series of 1996; Commission Interpretation of MC 2, Series of 1996 and RSA Rule 3-4 (d) (3)

August 15, 1996 SEC-AFD * MEMORANDUM TO : All Companies Registered or Applying for Registration under the Corporation C od e or Partnership Law of the Philippines, and All Issuers and Companies Registering Securities Under or Subject to Revised Securities A c t Rules 8 (a)-1 or 11 (a)-1 RE : Technical Correction of SECMC 2, Series of 1996; Commission Interpretation of MC2, Series of 1996 and RSA Rule 3-4 (d) (3) TECHNICAL CORRECTION Due to a technical oversight, a phrase was omitted from Item 8 of SEC MC 2, Series of 1996. The Commission believes that it is in the public interest to correct the technical oversight quickly, and believes further that the matter does not warrant exercising full procedure on rule making, including seeking public comment and, as appropriate, conducting public hearings to rectify the technical oversight. Accordingly, Item 8 of SEC MC 2, Series of 1996, is hereby corrected to insert "or Pilipino" as follows: 8. All filings must be written in the English or Pilipino language. INTERPRETATION The Commission believes it is in the public interest to provide guidance and interpretation on the corrected Item 8 of SEC MC 2, Series of 1996, in the light of the requirement of RSA Rule 3-4 (d) (3) as to language to be used in filings. It is the Commission's intent that all companies registered, applying for registration, or filing any Articles, By-laws, amendments, statements, or reports under the Corporation Code of the Philippines, the Partnership Law, and other acts and laws for which the Commission is responsible and the rules thereunder, may file either in English or Pilipino at their option; Provided, however; that: Any Articles and amendments thereto so filed shall be in English, while any By-laws and other filings may be in Pilipino; and Provided further, however, that: Issuers filing sworn statements to register securities under Secs. 4 and 8 of the Revised Securities Act pursuant to RSA Rule 8 (a) - 1, and companies required to file reports under Sec 11 of the Revised Securities Act, pursuant to RSA Rule II (a) - I, shall be required to file or submit all their filings, amendments, statements, reports, and other documents and materials under the Revised Securities Act, the Investment Company Act, and all rules pursuant thereto in English, or translated into English with respect to exhibits and attachments to any such filings as the case may be, in order to facilitate the largest possible national and international access and growth for the Philippine capital markets. cdlex For immediate compliance. (SGD.) PERFECTO R. YASAY, JR. Chairman