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Funds and asset management law in the Philippines governs the establishment, operation, and regulation of investment funds, fund managers, and related entities such as asset management companies. This field ensures that the investment industry operates within a legal framework that protects investors, promotes transparency, and upholds market integrity. It encompasses both public collective investment schemes (like mutual funds and unit investment trust funds or UITFs) and private funds, along with the guidelines for licensing, disclosure, compliance, and investor protection.
There are several situations where legal advice is crucial in funds and asset management in the Philippines. You may need a lawyer if you are:
The primary legal framework for funds and asset management in the Philippines includes:
Fund managers and asset management companies must be duly registered and licensed. There are also strict rules regarding the marketing of investment products and cross-border activities.
The main types are mutual funds, unit investment trust funds (UITFs), and limited partnership investment companies. There are also private funds available to qualified buyers or institutional investors.
The Securities and Exchange Commission (SEC) regulates investment companies, fund managers, and related entities. The Bangko Sentral ng Pilipinas (BSP) oversees UITFs managed by banks and trust entities.
Fund managers must register with the SEC and obtain the necessary secondary license to operate as investment company advisers. For UITF managers, a BSP Trust License is required.
Yes, subject to Philippine laws and any restrictions imposed by the fund’s structure or industry-specific foreign ownership caps.
Funds must provide offering documents or prospectuses that detail investment objectives, risks, fees, management details, and performance history, among others.
Yes, minimum capital requirements exist for investment companies and fund managers as determined by SEC regulations.
Disputes may be resolved through internal complaints processes, mediation, arbitration, or formal litigation depending on contract provisions and the nature of the dispute.
Private funds offered only to qualified buyers may have relaxed requirements, but anti-fraud and anti-money laundering laws still apply. They may not publicly solicit investments unless registered.
Different types of funds and income (interest, dividends, capital gains) may be subject to various taxes. Tax treatment depends on the fund structure and investor type.
Yes, subject to the fund’s stated investment policies, SEC approval, and compliance with foreign exchange regulations of the BSP.
If you need further information or have specific questions, the following resources may be helpful:
If you are considering establishing, investing in, or managing a fund or asset in the Philippines, it is advisable to begin by consulting with a lawyer who specializes in securities and funds law. Prepare a summary of your objectives, proposed investment activities, and relevant documents. Reach out to qualified legal professionals for an initial consultation. They can assess your situation, clarify your legal position, and help ensure compliance with all regulatory requirements. Timely legal advice can help you avoid costly mistakes, regulatory penalties, and future disputes.
