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SEC Memorandum Circular
No. 04
Series of 2001
TO
: All Broker Dealer, Investment
Company Advisers, Investment Houses and Transfer Agents
SUBJECT
: Schedule of Fees, Fines and
Penalties
Pursuant to the
Securities Regulation Code [SRC] (RA No. 8799) and its Implementing Rules
and Regulations, the Basic Rules to Implement the Provisions of the Investment
Houses Law (P.D. 129), the Corporation Code (BP Bldg., 68) and the Investment
Company Act (RA No. 2629), the following schedule of fees, fines and penalties
are hereby adopted:
A.
BROKER/DEALER
|
1. Fees
|
Date of Filing |
Amount |
|
New Registration
|
|
|
|
Head Office
|
|
P50,000 + other fees
|
|
Branch Office
|
|
10,000 + other fees
|
|
Salesman
|
|
2,000 + other fees
|
|
Associated Person
|
|
3,000 + other fees
|
| |
| Renewal |
December 2
|
|
|
Head Office
|
|
P20,000 + other fees
|
|
Branch Office
|
|
5,000 + other fees
|
|
Salesman
|
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1,000 + other fees
|
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Associated Person
|
|
1,500 + other fees
|
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2. Fines & Penalties
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|
|
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Reports
|
|
|
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FINOP (late
filing)
|
Within 15 days after month
end
|
Basic
fine of P10,000
Plus P100 for every day
of delay
|
|
|
|
Annual Audited
Financial Report
|
110 days after end of fiscal
year
|
Basic
fine of P10,000
Plus P100 for every day
of delay
|
|
|
|
Other periodic
reports
|
|
Basic
fine of P10,000
Plus P100 for every day
of delay
|
|
|
|
Other practices
prohibited under SRC
|
|
P10,000 for every violation without prejudice to the filing of criminal
case
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B.
INVESTMENT COMPANY ADVISERS
|
1. Fees
|
Date of Filing |
Amount |
|
New Registration
|
|
|
|
Head Office
|
|
P10,000 + other fees
|
|
Sales Agent
|
|
2,000 + other fees
|
| |
|
Renewal
|
March 15
|
|
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Head Office
|
|
3,000 + other fees
|
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Sales Agent
|
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1,000 + other fees
|
C.
INVESTMENT HOUSES
|
1. Fees
|
Date of Filing |
Amount |
|
New Registration
|
|
|
|
Head Office
|
|
P50,000 + other fees
|
|
Branch Office
|
|
10,000 + other fees
|
|
Associated Person
|
|
1,000 + other fees
|
|
|
|
Renewal
|
Jan 15
|
|
|
Head Office
|
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P10,000 + other fees
|
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Branch Office
|
|
5,000 + other fees
|
|
Associated Person
|
|
500 + other fees
|
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2. Fines & Penalties
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|
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Reports
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|
|
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Progress
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Within
15 days end of quarter |
P200 per day of delay
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Semi - Annual
|
Within
60 days end of semester |
P200
per day of delay
|
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Annual
|
Within
the month of March of each year |
P200
per day of delay
|
|
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General Information Sheet
|
1 month after the date of
the actual Annual Meeting |
P200
per day of delay
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Other Violations
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-
Minimum Paid-up Capital Requirement
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P200 per day of non-compliance
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-
Unimpaired Capital
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P200 per day of non-compliance
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-
25% Free-Based Income
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P200 per day of non-compliance
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-
Capital Adequacy Ratios
-
Single
Borrower's Limit
-
Networth
to Risk-Asset
|
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P200 per day of non-compliance
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-
Interlocking Directors
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P200 per day of non-compliance
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-
Underwriting Fees
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P200 per day of non-compliance
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D.
TRANSFER AGENTS
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1. Fees
|
Date of
Filing |
Amount |
| New Registration |
Within 30 days from June 1
of every year
|
P10,000 + other fees |
| |
| Renewal |
Within 30 days from June 1
of every year
|
P3,000 + other fees
Plus
P200 per issue being handled but not more than P5,000.00
|
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2. Fines & Penalties
|
|
|
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Failure/Late Filing of Monthly Reconciliation
of PCD and TA
|
10
days after the end of each month |
Basic
fine - P10,000
Plus
P100/day of delay
|
|
|
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Failure/Late Filing of monthly certification
as to the number of shares under the name of PCD Nominee
|
10
days after the end of each month |
Basic
fine - P10,000
Plus
P100/day of delay
|
|
|
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Failure/Late submission of Annual Report using
SEC Form 36-AR
|
105 days after the end
fiscal year |
Basic
fine - P10,000
Plus
P100/day of delay
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Failure to submit any of the following
exception reports
Any delay in the
turnaround or processing of an issue, transfer or replacement of a
security
Any discrepancy
between its records and those of the registered clearing agency, if
applicable
Any loss of
securities reports to it; and
The termination
of its functions as a transfer agent for a particular security
|
Within 7 days of the
occurrence of the events |
Basic
fine - P10,000
Plus
P100/day of delay
|
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Failure to submit Annual Audited Financial
Statements
|
105 days after
the end fiscal year
|
Basic
fine - P10,000
Plus
P100/day of delay
|
|
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Failure to submit General Information Sheet
(GIS)
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Within 30 days from
the date of postponement of the Annual Meeting |
Basic
fine - P10,000
Plus
P100/day of delay
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Failure to submit Affidavit of Non-Holding of
Meeting of Postponement of Annual Stockholder's Meeting
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Within 30 days from
the date of postponement of the Annual Meeting |
Basic
fine - P10,000
Plus
P100/day of delay
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Failure to submit Notice of Change of Address
|
Within 10 days after
the end of each month |
Basic
fine - P10,000
Plus
P100/day of delay
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This
memorandum shall take effect immediately.
May
3, 2001.
Mandaluyong
City, Philippines.
For
the Commission:
(Original
Signed)
LILIA
R. BAUTISTA
Chairperson
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