{
  "id": 10732841,
  "title": "SEC opens market to structured warrants",
  "url": "https://urgent.news/2026/09/29/sec-opens-market-to-structured-warrants",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-29T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/09/30/2559816/sec-opens-market-structured-warrants"
  },
  "original_language": "en",
  "account": "The Securities and Exchange Commission (SEC) of the Philippines has expanded the types of investment products accessible to investors by introducing structured warrants. This development, governed by Memorandum Circular 27, Series of 2026, signifies a significant step in deepening and modernizing the country's capital market, as stated by SEC Chairperson Francis Lim. Structured warrants offer investors a sophisticated tool for risk management, hedging, and portfolio diversification, placing the Philippine market on par with its ASEAN counterparts.\n\nA structured warrant is a financial product issued by a third-party institution, granting the holder the right, but not the obligation, to buy or sell an underlying financial instrument, or receive a cash settlement at a predetermined price. The SEC specifies that only licensed broker-dealers and investment houses, either Filipino or foreign corporations authorized to operate in the country, are permitted to issue structured warrants. These issuers, along with their guarantors, must maintain a minimum unimpaired paid-up capital of P400 million throughout the lifespan of any outstanding structured warrants.\n\nEligible underlying financial instruments encompass single equities listed on Philippine or foreign stock exchanges, securities indexes and exchange-traded funds, debt securities listed on a Philippine or foreign exchange, equity or debt security baskets, and other assets or reference values as determined by the SEC. All underlying instruments must be listed on an exchange that meets certain standards, including liquidity, market capitalization, trading volume, and other criteria set by the exchange itself.\n\nThe minimum issue size for structured warrants is P20 million, with a maximum tenor of three years from issuance, extendable only with SEC approval. Upon full exercise before expiry or maturity, issuers must promptly inform both the SEC and the relevant exchange to allow for proper delisting. Issuers may also seek to withdraw a listing before expiry or maturity, provided they retain all structured warrants and no public holdings exist at the time of the application.",
  "summary": "The Securities and Exchange Commission is broad ening the range of investment products available to investors in the country by introducing structured warrants.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}