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The Securities and Exchange Commission has adopted a code of corporate governance for publicly listed companies. This code includes requirements for public companies and registered issuers, as outlined in SEC Memorandum Circular No. 19 series of 2016. Additionally, the latest code for these companies is SEC Memorandum Circular No. 24 series of 2019. Publicly listed companies are those whose equity securities are listed on the Philippines Stock Exchange, while non-publicly listed companies do not have their shares listed. Capital gains tax applies to the sale of unlisted shares, with different rates for transactions on local stock exchanges. Trading through the Philippines Stock Exchange has implications for income taxation.