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MANILA - The Securities and Exchange Commission expects a maiden issuance of exchange-traded funds before the end of the year with its final implementing rules and regulations seen to be released within the month.
On the sidelines of The Asset 7th Philippine Forum, SEC Chairperson Teresita Herbosa said the changes to the draft ETF rules were "very minor" after seeking public comments in July.
"I saw the draft already and it will be presented to the en banc this Thursday," said Herbosa.
The SEC chief earlier set an end-September deadline for the release of the ETF rules.
"Mr. Ferrer said the Philippine Stock Exchange has in place everything for the ETF so we may see an issuance even before December," said Herbosa, referring to Michael Ferrer, president of the Fund Managers Association of the Philippines.
SEC Commissioner Juanita Cueto had said two of the country's biggest lenders - Banco De Oro and Bank of the Philippine Islands - plan to offer ETFs.
The regulator defines an ETF as the world's fastest-growing asset class and is an "open-end investment company that continuously issues and redeems its shares of stock.”
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