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SEC
MEMORANDUM CIRCULAR NO. 17
Series
of 2002
TO
: All Government Securities Eligible Dealers (GSED)
SUBJECT
:
Schedule of Fees, Fines and Penalties
To
ensure an orderly, efficient, transparent and fair government
securities (gs) market, and pursuant to Rule 13.3.1 (c) of the Amended Rules
Governing Secondary Market Trade of Government Securities, the Securities and
Exchange Commission, hereby adopts the following schedule of fees, fines and
penalties for Government Securities Eligible Dealers (GSED):
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1. Fees
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Date of
filing
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Amount
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New Registration
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Head Office
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P 50,000 + other fees
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Branch Office
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10,000 + other fees
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Renewal
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November 2
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Head Office
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P 20,000 + other fees
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Branch Office
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5,000 + other fees
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2.
Fines and Penalties
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Basic Penalty
for Violation |
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Violations |
First Offense
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Second Offense
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Third Offense
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Penalty for every day
during which the violation continues |
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a)
Failure to indicate Value Received (VR) on the trade transaction |
1/5
of 1% of the aggregate price or value of securities transacted but not
less than P3,000.00 |
2/5
of 1% of the aggregate price or value of securities transacted but not
less than P5,000.00 |
3/5
of 1% of the aggregate price or value of securities transacted but not
less than P10.000.00 |
P100.00 |
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b)
Cancellation of trade transaction due to double encoding of
transaction, i.e. sale, purchase, earmarking. |
P3,000.00 |
P5,000.00 |
P10,000.00 |
P100.00 |
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c)
Late and/or non-reporting of gs trades to clients. |
P3,000.00 |
P5,000.00 |
P10,000.00 |
P100.00 |
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d)
Erroneous encoding of trade details i.e. value date, account no.,
dealer code, ISIN, face value, tenor, counterparty's name. |
P1,000.00 |
P2,000.00 |
P3,000.00 |
P100.00 |
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e)
Other violations determined by the BTr |
P1,000.00 |
P2,000.00 |
P3,000.00 |
P100.00 |
This
memorandum circular shall take effect immediately.
November
29 , 2002.
Mandaluyong
City, Philippines.
(Original
Signed)
LILIA
R. BAUTISTA
Chairperson
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