Securities Regulation Code Flashcards
Covered entities of SRC
A. Stock corporation with paid up capital stock of 50,000 or more
B. Non-stock corporation’s is total assets of 500,000 or more or gross annual receipts of 100,000 or more
C. Branch offices of stock foreign corporation with assigned capital in the equivalent amount of 1 million or more
D. Branch offices of nonstock corporation’s with total assets in the equivalent amount of 1 million or more
E. Regional operating headquarters of foreign corporations with total revenues in the equivalent amount of 1 million or more
Large and or publicly accountable entities
Full PFRS
Large and or publicly accountable Entities
Those with total assets of more than 350 million or total liabilities of more than 250 million
Those which are required to file financial statements under under part 2 of SRC 68
Those in the process of filing their financial statements for the purpose of issuing any Class of instruments in a public market
Those which are holders of secondary licenses issued by regulatory agencies
Medium sized entities applicable financial reporting framework
PFRS for SMEs
Medium size entities
Total assets of between 100million To 350 million or total liabilities of between 100,000,000 to 250 million. If the entity is a parent company, the said amount shall be based on consolidated figure
Are not required to file financial statements under part two of SRC rule
Are not in the process of filing their financial statements for the purpose of issuing any class of instruments in the public market
Are not holders of secondary licenses issued by regulatory agencies
Small entities applicable financial reporting framework
PFRS for Small Entities
Small entities
Total assets between 3,000,000 to 100,000,000 or total liabilities of between 3,000,000 to 1,000,000. If the entity is the parent company who said amount shall be based on consolidated statements
Are not required to file financial statements under part 2 SRC Rule
Are not in the process of filing the financial statements for the purpose of issuing class of instruments in the public market and
are not holders of secondary licenses
Micro entities applicable financial reporting framework
Full PFRS or PFRS for SME or PFRS for Small Entities or Tax/Cash Basis
Micro entities
Total assets and liabilities below 3 million
It is a grant issued by the government through the intellectual property office of the Philippines (IP Philippines).
PATENT
It is an exclusive right granted for a product, process or an improvement of the product or process which is new, inventive and useful. This exclusive right gives the inventor of the right to exclude others from making, using or selling the product of his invention during the life
Patent
Term of a patent
20 years
It is a requisite of patentable inventions Which means it must be new. An invention shall nit be considered new if it forms part of prior art
Novelty
It is not obvious to a person skilled in the art at the time of filing date or priority date of the application claim in the invention
Inventive step
An invention that can be produced and used in any industry
Industrial applicability
First to File Rule
The first person to file an application for such invention or to the applicant was the earliest filing date or the earliest priority date
Right to a patent
The right belongs to the inventor, his heirs, or assigns. Jointly if 2 or more persons
It refers to the on authorized making, using, offering for sale or selling any patented invention or products of the patented invention without consent of the patent holder
Patent Infringement
It is a test of patent infringement that resorts to the words of the claim
Literal infringement
It is a Test of patent infringement that takes place when a device appropriate a prior invention by incorporating it’s innovative concepts and although with modification to change, perform substantially the same function substantially the same way to Achieve substantiability
Doctrine of equivalents infringement
It means any visible signs capable of distinguishing the goods of an enterprise and shall include stamped or marked container of goods
Trademark
It means any visible signs capable of distinguishing goods of an enterprise and shall include a stamp and Mark container of services
Service mark
It means any visible signs designated as such in the application for registration and capable of distinguishing the origin or any other common characteristic, including the quality of goods or services of different enterprises which use the sign under control of the registered owner m
Collective mark
If means the name or designation identifying or distinguishing an enterprise
Trade Name
