SEC consolidation seen cutting compliance confusion

Companies, brokers, lawyers and investors may no longer need to navigate years of scattered circulars and amendments to keep up with securities regulations after the Securities and Exchange Commission (SEC) rolled out a consolidated digital reference for the Securities Regulation Code (SRC).

The regulator said Saturday that the move is expected to reduce compliance confusion and simplify regulatory checks by bringing more than two decades of rule changes, clarifications, and guidance into a single online reference.

Integrating all regulatory updates

The SEC on 8 May published the Annotated Consolidated Reference of the 2015 Implementing Rules and Regulations (IRR) of Republic Act 8799, or the SRC, which integrates all regulatory updates issued from 2000 to 2026 into one publicly accessible document on its website.

The SRC, enacted in 2000, authorizes the SEC to regulate and develop the capital market, protect investors from fraudulent and manipulative practices, and promote transparency in securities disclosures.

Since the rollout of the 2015 SRC IRR, the SEC has issued more than 60 Memorandum Circulars and related issuances to address changing market conditions and align local regulations with international standards, resulting in multiple amendments and clarifications to the framework.

The volume of issuances over the years has required market participants to cross-check various circulars and amendments separately to determine the latest applicable rules.

Responsive and robust regulations

“The continuing evolution of the capital market requires regulations that are not only responsive and robust, but also accessible and easy to navigate,” said SEC chairperson Francis Lim.

“While the 2015 SRC IRR has been progressively enhanced over time, we acknowledge that the current volume of updates necessitates a centralized, digital-ready reference,” he said.