Securities Regulation Code

Question 1

Covered entities of SRC

Answer 1

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

Question 2

Large and or publicly accountable entities

Answer 2

Full PFRS

Question 3

Large and or publicly accountable Entities

Answer 3

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

Question 4

Medium sized entities applicable financial reporting framework

Answer 4

PFRS for SMEs

Question 5

Medium size entities

Answer 5

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

Question 6

Small entities applicable financial reporting framework

Answer 6

PFRS for Small Entities

Question 7

Small entities

Answer 7

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

Question 8

Micro entities applicable financial reporting framework

Answer 8

Full PFRS or PFRS for SME or PFRS for Small Entities or Tax/Cash Basis

Question 9

Micro entities

Answer 9

Total assets and liabilities below 3 million

Question 10

It is a grant issued by the government through the intellectual property office of the Philippines (IP Philippines).

Answer 10

PATENT

Question 11

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

Answer 11

Patent

Question 12

Term of a patent

Answer 12

20 years

Question 13

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

Answer 13

Novelty

Question 14

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

Answer 14

Inventive step

Question 15

An invention that can be produced and used in any industry

Answer 15

Industrial applicability

Question 16

First to File Rule

Answer 16

The first person to file an application for such invention or to the applicant was the earliest filing date or the earliest priority date

Question 17

Right to a patent

Answer 17

The right belongs to the inventor, his heirs, or assigns. Jointly if 2 or more persons

Question 18

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

Answer 18

Patent Infringement

Question 19

It is a test of patent infringement that resorts to the words of the claim

Answer 19

Literal infringement

Question 20

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

Answer 20

Doctrine of equivalents infringement

Question 21

It means any visible signs capable of distinguishing the goods of an enterprise and shall include stamped or marked container of goods

Answer 21

Trademark

Question 22

It means any visible signs capable of distinguishing goods of an enterprise and shall include a stamp and Mark container of services

Answer 22

Service mark

Question 23

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

Answer 23

Collective mark

Question 24

If means the name or designation identifying or distinguishing an enterprise

Answer 24

Trade Name

Question 25

Term of trademark on service mark

Answer 25

10 years but subject to unlimited times of renewal

Question 26

It focuses on the similarity of the main, prevalent or Essential features of the competing trademarks that might cause confusion

Answer 26

Dominancy test

Question 27

The focus is not only on the predominant words but also on the other faetures appearing on the labels

Answer 27

Holistic Test