Amendment to Rule 38.2.7 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code (SRC)

April 20, 2018 SEC MEMORANDUM CIRCULAR NO. 7, S. 2018 SUBJECT : Amendment to Rule 38.2.7 of the 2015Implementing Rules and Regulations of the Securities RegulationCode (SRC) The Commission, in its en banc meeting, dated 22 March 2018 resolved to amend Rule 38.2.7 of the 2015 Implementing Rules and Regulations of the Securities Regulation Code (SRC). The amended paragraph reads as follows: SRC Rule 38.2.7. Has not engaged within the last two (2) years and does not engage in any transaction with the covered company and/or with any of its related companies and/or with any of its substantial shareholders, whether by himself and/or with other persons and/or through a firm of which he is a partner and/or a company of which he is a director or substantial shareholder other than transactions which are conducted at arms length and are immaterial. This amendment shall take effect fifteen (15) days from their publication in a newspaper of general circulation in the Philippines. CAIHTE Signed this 20th day of April 2018, Pasay City, Philippines. For the Commission: (SGD.) TERESITA J. HERBOSA Chairperson