What are the exempt securities under the Securities Regulation Code?

1. Any security issued or guaranteed by the Government of the Philippines, or by any political subdivision or agency thereof, or by any person controlled or supervised by, and acting as instrumentality of said government.

2. Any security issued or guaranteed by the government of any country with which the Philippines maintains diplomatic relations, or by any state, province or political subdivision thereof on the basis of reciprocity: Provided, that the SEC may require compliance with the form and content of disclosures the SEC may prescribe

3. Certificates issued by a receiver or by a trustee in bankruptcy duly approved by the proper adjudicatory body.

4. Any security or its derivatives the sale or transfer of which, by law, is under the supervision and regulation of the Office of Insurance Commission, Housing and Land Use Regulatory Board, or the Bureau of Internal Revenue.

5. Any security issued by a bank except its own shares of stock.

6. Other securities as determined by the SEC

Note: Being an issuer of an exempt security does not exempt such issuer from the requirement of submission of reports – full and fair disclosure.