Shares of stock to be sold to existing shareholders, in the exercise of their pre-emptive rights, as a consequence of an increase in authorized capital stock of a corporation are not required to be registered with the SEC if the corporation will not incur expenses in relation to the sale of the said shares [SEC-OGC Opinion No. 21-05, 07 May 2021].
The Securities and Exchange Commission (“SEC”) issued on 07 May 2021 SEC-OGC Opinion No. 21-05 (“SEC Opinion”) which states that, in the absence of any indication that the corporation has incurred…
Read MoreIPOPHL Adopts Electronic Service of Orders and Notices for Inter Partes Cases
The Philippine Intellectual Property Office (“IPOPHL”) issued on 14 May 2021 Memorandum Circular No. 2021-015 (“MC 2021-015”) which adopts as a mode of service the electronic service of interlocutory orders…
Read MoreAttys. Jacques S. Lynn and Maria Theresa M. Domingo Accredited as Arbitrators of the Philippine International Center for Conflict Resolution (PICCR)
After undergoing the rigorous accreditation course of the Philippine International Center for Conflict Resolution (PICCR) over a period of several months from June 2020 to January 2021 and successfully passing…
Read MoreDepartment of Energy issues guidelines on treatment of existing direct connection arrangements and their applications for renewal pursuant to DOE Department Circular No. DC2020-01-0001
The Department of Energy (“DOE”) issued on 26 April 2021 its Advisory on the Implementation of DOE Department Circular No. DC2020-01-0001 (“DC2020-01-0001”) and Other Concerns Relative to Direct Connection Arrangements…
Read MoreCruz Marcelo & Tenefrancia celebrates its 8th anniversary and 41st year of combined legal practice
On May 1st 2021, Cruz Marcelo & Tenefrancia (“CMT”) celebrated its 8th anniversary and 41st year of combined legal practice that began in 1980. The community quarantine notwithstanding, CMT held…
Read MoreSEC Issues Rules on the Calling of Special Stockholders’ Meetings for Publicly-Listed Companies
The Securities and Exchange Commission (“SEC”) issued on 23 April 2021 SEC Memorandum Circular No. 7, series of 2021 (“MC 7-21”), which provides for the rules on calling for Special…
Read MoreSecurities and Exchange Commission extends anew the deadline to file 2021 General Information Sheets
The Securities and Exchange Commission (“SEC”) issued a Notice dated 31 March 2021 extending the deadline for the submission of the General Information Sheets (“GIS”) to all corporations following the…
Read MoreFinancing Companies and Lending Companies, regardless of equity participation and paid-up capital, are now covered under 2018 AML/CFT Guidelines
The Securities and Exchange Commission (“SEC”) has issued SEC Memorandum Circular No. 4, series of 2021 (“MC No. 4”) which amended the covered institutions in the 2018 Guidelines on Anti-Money-Laundering…
Read MoreGovernment ends moratorium on new Mineral Agreements
President Rodrigo Duterte signed Executive Order 130 (“EO 130”) on 14 April 2021, lifting a nine (9)-year moratorium and allowing the Government to enter into new agreements concerning mineral production…
Read MoreCruz Marcelo & Tenefrancia Senior Partner Elmar B. Galacio joins panel on Recent Court Cases in International Commercial Arbitration
Our Senior Partner Elmar B. Galacio is a panelist at the forum entitled Recent Court Cases in International Commercial Arbitration: Developments in Australia, China, the Philippines, and Vietnam sponsored by…
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