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2019 SEC GIS Form

2019 SEC GIS Form

The Securites and Exchange Commission (SEC) recently published a notice to inform all concerned parties on the prescribed General Information Sheet (GIS) form which includes beneficial ownership information. We will be using this form when we update your GIS this 2019.
 
A beneficial owner is a person who enjoys the benefits of ownership though the title is in another name. When securities are held by a broker in “street name”, the real owner is the beneficial owner. (PSE)
 
Beneficial owner or beneficial ownership under the law means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power (which includes the power to vote or direct the voting of such security) and/or investment returns for power (which includes the power to dispose of, or direct the disposition of such security); provided that a person shall be deemed to have an indirect beneficial ownership interest in any security which is held by:
 
i) members of his immediate family sharing the same household;
ii) a partnership in which he is a general partner;
iii) a corporation in which he is a controlling shareholder; or
iv) is subject to any contract, arrangement or understanding which gives him voting power or investment power with respect to such securities; provided, that the following persons or institutions shall not be deemed to be beneficial owners of securities held by them for the benefit of third parties or in customer or fiduciary accounts in the ordinary course of business, as long as such shares were acquired by such persons or institutions without the intention of effecting a change or influencing the control of the Issuer:
       
     a) a broker dealer;
    b) an investment house registered under the Investment Houses Law;
    c) a bank authorised to operate by the Bangko Sentral ng Pilipinas (BSP);
    d) a duly-registered insurance company;
    e) an investment company registered under the Investment Company Act;
    f) a pension plan registered with and regulated by the Bureau of Internal Revenue, Insurance Commission or any other regulatory authority; and
    g) an entity whose members are the persons specified above.
 
All securities of the same class that are beneficially owned by a person or institution, regardless of the form of the beneficial ownership, shall be aggregated in calculating the number of shares that shall be considered as beneficially owned by such person or institution.
 
A person or institution shall be deemed to be the beneficial owner of a security if that person or institution has the right to acquire beneficial ownership within five (5) business days from the exercise of any option, warrant or right, or conversion of any security; or pursuant to the power to revoke a trust, discretionary account or similar arrangement; or pursuant to the automatic termination of a trust, discretionary account or similar arrangement.

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