Listing Qualifications | PDS Group

To qualify for listing, issuers and their respective securities shall follow the applicable qualification requirements under the PDEx Listing and Enrolment rules.

Below is a summary of the basic admission requirements.

General Listing Criteria Related to Issuers

Listing Enrollment
Legal entity Must be any of the following:

  • Philippine National Government
  • Philippine political subdivision, government agency or Philippine government owned or controlled corporation
  • Government of any country with which the Philippines maintains diplomatic relations
  • Supranational body or international organization composed of member states
  • Duly registered with and licensed to do business in the Philippines by the SEC and other applicable governmental authority
  • Other entity approved by the SEC and other applicable governmental authority to have its securities sold, purchased or traded in the Philippines
Standing with regulators, or other SRO/exchange Must be in good standing with the applicable governmental authorities, self-regulatory organization or other exchange where a class of securities of the Issuer may be listed

General Listing Criteria Related to Securities

Listing

Terms of the security Technologically capable of being traded on the PDEx Trading Platform
Form of security
  • Dematerialized, or
  • In the case of certificated securities issued prior to effectivity of PDEx Rules, must be immobilized with qualified Securities Depository.
Day Count Standards Must follow any of the following day count conventions:

  • 30E/360 ISMA non end of month
  • Actual/Actual
  • Actual/360
  • Actual/365
Due diligence requirement Must have been performed in accordance with applicable regulatory standards by appointed Underwriter/Arranger/Issue Manager
Registry Must have a licensed Registry
Facility Agent/Trustee Must have a Facility Agent (or Trustee, if required under the terms and conditions of the issue)
Transferability
  • Freely transferable to non-Qualified Investors and Qualified Investors
  • Must have no restrictions on transferability to investors of different tax categories

 

SEC Registration Must be SEC-registered under SRC Sec. 8 or exempt securities under SRC Sec. 9 Must be exempt from SEC registration according to SRC Sec. 9 or SRC Sec. 10
Credit Rating
  • Issuer or Issue must be rated at time of listing by duly licensed credit rating agency
Liquidity Providers
  • For corporate securities:

Must be subject of the commitments of at least 1 market maker and 2 broker

specialists

  • For bank issues:

Must be subject of the commitments of at least 3 broker specialists