Announcement to NASBI Members

Please be informed that the Securities and Exchange Commission (SEC) has approved the Amendments to Rule 39.1.4, or the Rules Governing the Registrar of Qualified Buyers (QBs), through SEC Memorandum Circular (MC) No. 05, Series of 2026.

The comments submitted by NASBI have been duly considered and incorporated into the approved amendments.

For reference, the Memorandum Circular may be accessed here:
SEC MC No. 05, series of 2026

The Commission has also advised that a separate communication will be issued to Registrars providing further guidance on the implementation of the amended rules. This forthcoming guidance will cover the specific requirements, documentary submissions, and other relevant details related to the new provisions.

In the meantime, all Registrars are advised to await the issuance of the said letter and to refrain from taking any action until further instructions are released, in order to ensure full compliance with the amended provisions.