The Securities and Exchange Commission (SEC) eased the disclosure requirements for companies seeking to raise funds through the capital market.
It issued Memorandum Circular Nos. 13 and 14, Series of 2023 to streamline the disclosure requirements as part of the commission’s efforts to boost participation in the capital market.
MC 13 clarifies that registrants will now be required to disclose financial information for only two comparative periods in the last three fiscal years. Risks include factors that make the offering speculative or risky such as the absence of operating history, lack of profit from recent operations, poor financial position or lack of market for the registrant’s securities.
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