Washington International Law Journal


The Philippines modeled its first securities laws on the U.S. Uniform Sales of Securities Act, Securities Act of 1933, and the Securities Exchange Act of 1934. In terms of disclosure requirements, the early Philippine laws were more lenient than the U.S. acts, but since 1982 the Philippines has improved its disclosure requirements by implementing its Revised Securities Act. The new Act imposes more consistent reporting rules on issuers and insiders, and levies a broad range of sanctions. Nonetheless, the Revised Securities Act could be improved further by requiring fuller disclosure during registration and by toughening the insider trading provisions. Also, the Philippine Securities and Exchange Commission could rely more heavily on the Stock Exchange to assist in enforcing the disclosure requirements.

First Page