Practice question
A joint OR account has two beneficial owners, each with PHP6 million qualifying portfolio investment. Neither meets a separate income or net-worth alternative. They claim the combined PHP12 million alone satisfies each individual financial-capacity requirement. Under MC15 s2026 Rule10.1.5.5, which is correct?
- An OR arrangement is evaluated for each beneficial owner individually, so combination alone does not satisfy the stated claim
- Every OR arrangement is evaluated only by combined assets
- The account label eliminates all financial requirements
- Only the richer owner must comply and automatically qualifies the other
- The amended rule forbids examining beneficial ownership
Legal references
- SEC MC15 s2026, signed May13 2026, published May15 2026, amending SRC Rule10.1.5: https://www.sec.gov.ph/mc-2026/sec-mc-no-15-series-of-2026/ ; reproduced primary circular text: https://regalert.today/document/sec-mc-no-15-series-of-2026-further-amendments-to-rule-10-1-5-on-qualified-buyer-4cf3433b-b29f-4d35-90b6-eb3b0b48e5c8 Rule10.1.5.5(i),(iii).
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