New Securities Reporting Obligations for Equity Awards to New Grantees Recently, the Finance Department of the Philippines Securities and Exchange Commission ("PSEC") informally adopted a new interpretation of one of the exemptions that may be used to avoid the registration requirements for shares granted to Philippine residents. Under the Finance Department’s new interpretation, issuers relying on an exemption from the registration requirements under Section 10.2 of the Philippine Securities Regulation Code must notify the PSEC with respect to each equity grant to new employees. In the past, issuers typically filed a report at year-end that included a list of new equity grantees. For additional information regarding the Finance Department's new interpretation and how to comply with the notification requirements for equity grants to new employees, please see our recent July 2013 client alert and contact your GES attorney for further assistance.
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For more information: • Narendra Acharya • June Anne Burke • Edward Burmeister • Valerie Diamond • Denise Glagau • Sinead Kelly • Barbara Klementz • Aimee Soodan • Alison Wright • Brian Wydajewski
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