Vagueness rules Philippines' securities law

Recourse to the democratic process may not be the best way to draft securities law, if recent changes in the Philippines are anything to go by.

The financial services industry has been shocked by various elements of the new securities laws that have just gone into effect.

One of the most contentious issues is the new regulations on takeovers, an area where the Philippines has seen a good deal of activity in recent years. The old takeover rule had suggested that a general offer must be made to all minorities if parties acting in concert amassed 51% of a company. However, that was not a law and was not mandatory.

In an effort to boost minority shareholder rights and general market confidence in the wake of last years BW Resources scandal, the new takeover rule has become law.

However,...

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