Beginning 27 January 2021, all nominee directors/trustees, nominee shareholders, incorporators/applicants for incorporation, and all concerned corporations subject to the supervision and jurisdiction of the Securities and Exchange Commission (“SEC”) shall comply with the guidelines provided in Memorandum Circular No. 1, series of 2021 to prevent the misuse of corporations for illicit activities through measures designed to promote transparency of beneficial ownership. For purposes of these guidelines, a beneficial owner is defined as natural person/s who ultimately owns, controls, or exercises ultimate effective control over the corporation.
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