SEC rolls out unified SRC rules reference

THE Securities and Exchange Commission (SEC) has released a consolidated digital reference for the implementing rules and regulations (IRR) of the Securities Regulation Code (SRC), combining amendments and related issuances from 2000 to 2026 into a single online resource to improve regulatory accessibility and compliance.

Published on May 8, the Annotated Consolidated Reference compiles SEC issuances issued over the past two decades into one publicly accessible document.

“The continuing evolution of the capital market requires regulations that are not only responsive and robust, but also accessible and easy to navigate. While the 2015 SRC IRR has been progressively enhanced over time, we acknowledge that the current volume of updates necessitates a centralized, digital-ready reference,” SEC Chairperson Francisco Ed. Lim said in a statement over the weekend.

“Through the Annotated 2015 SRC IRR, we seek to provide our stakeholders — especially legal practitioners and the investing public — with a complete and historically accurate resource that promotes regulatory clarity and ease of compliance,” he added.

Enacted in 2000, the SRC authorizes the SEC to regulate the capital market, protect investors from fraud and manipulation, and ensure transparency in securities disclosures.

Since the 2015 IRR took effect, the SEC said it has issued more than 60 memorandum circulars and related issuances in response to market developments and evolving international standards.

The new reference consists of two main components: the Annotated 2015 SRC IRR and a Reference Index.

According to the SEC, the annotated IRR integrates amendments directly into the relevant provisions, while memorandum circulars containing guidance, special rules or forms are included in footnotes.

Meanwhile, the Reference Index organizes all memorandum circulars by subject, issuance number and corresponding SRC rule to allow easier cross-referencing.

“Designed as a living document, the Annotated 2015 SRC IRR will be updated regularly with new and amendatory rules to ensure its accuracy and reliability,” the SEC said. — Alexandria Grace C. Magno