SEC issues draft rules for one-person firms

THE Securities and Exchange Commission (SEC) released on Friday its proposed guidelines on establishing a one-person corporation (OPC) and converting an ordinary stock corporation into the former.

In a memorandum posted on its website, the SEC said the OPC should be run by a single stockholder, Filipino or otherwise. This person, it added, can be of legal age, estate or trust, or managed by a trustee. He or she should also be the firm’s sole director and president.