SEC-CFD MEMORANDUM CIRCULAR NO. 006

Series of 2001

TO   :     ALL REGISTRANTS/APPLICANTS

RE   :     REJECTION / DENIAL OF APPLICATIONS FOR REGISTRATION OF SECURITIES UNDER THE SECURITIES REGULATION CODE (CODE)

Pursuant to Sections 12.6 and 13.1 the Code, a registration statement shall be declared rejected, after due notice and hearing, by this Commission within forty-five (45) days after the date of filing of the same, unless the applicant is allowed to amend the registration statement.

An applicant may be allowed to amend its registration statement through a formal comment letter duly issued by the Commission. It shall be given a period of fifteen (15) business days from receipt of the said comment letter within which to file a correct and/or complete registration statement.

Upon lapse of the said period without the required filings from the applicant, the Commission shall by an Order, setting forth its findings and ground/s, reject the registration statement and forfeit the filing fees paid thereon.

This Memorandum Circular shall take effect immediately.

July 10,2001.

Mandaluyong City.

FE ELOISA C. GLORIA

Officer-In-Charge