The Philippines Securities and Exchange Commission (SEC) will delay the issuance of its final rules on Initial Coin Offerings (ICOs), as reported by The Philippine Star. After a draft of its proposed ICO rules was released in August, the SEC expected to release its final rules in 2018 but that decision has been delayed without a new release date. The ICO Rules are intended to protect investors.
The draft ICO rules require registration with the SEC at least 45 days prior to the date of the pre-sale period of an ICO and also includes the completion of an "Initial Assessment Request." In addition to a completed application form and corporate documents, detailed information must be provided about each ICO team member including their curriculum vitae, prior business experience, a list of any bankruptcy petitions against any of them (or related entities) within five years of the assessment, a whitepaper (detailing advantages, disadvantages and identified risks), legal opinion and a detailed description of the ICO project among other items and required fees.
Exemptions to the rules exist, which include small offerings (fewer than 20 persons in the Philippines within a 12 month period) and to certain sophisticated entities (such as banks and investment companies.)