CHAPTER VII

General Provisions

Sec. 47. Revelation of Filed Information. –

 (a) Subsections 66.1, 66.2, 66.3 and 66.5 of the SRC and the rules and regulations under them shall apply to all information, applications, reports or other documents filed under this Act in the same manner as they apply to information, applications, reports or other documents filed under the SRC.

(b) Subsection 66.4 of the SRC shall apply to information not made available to the public under Subsection (a) in the same manner as it applies to information not available to the public under Subsection 66.3 of the SRC.

Sec. 48. Rules, Regulations and Orders. –

Subsection 72.1 of the SRC shall apply to the issue, amendment and rescission by the Commission of rules, regulations and orders to effect the provisions and purposes of this Act in the same manner as rules, regulations and orders to effect the provisions and purposes of the SRC.

Sec. 49. Fees. –

(a) The Commission is authorized to prescribe rules or regulations for the collection of fees for:

1.       Registering an investment company, subject to a maximum of 0.1 percent of their maximum aggregate price to the extent the fee is based on the amount of securities registered by the company;

2.       Registering an investment adviser, principal distributor, mutual fund dealer and investment solicitor;

3.       An examination of the financial condition of an investment company;

4.       An application for an exemption; and

5.       An application for a right or privilege.

(b) Every right, privilege, exemption or registration under this Act shall be sought from the Commission in the form of a petition for which the authorized fee shall be paid before any action is taken.  The grant or denial of the petition shall be in the form of an order issued by the Commission.  No denial, withdrawal or abandonment of the petition shall be a ground for the refund of the fee.

SEC. 50. Repealing Clause. –

Republic Act No. 2629, otherwise known as the Investment Company Act, is repealed in its entirety.  All other laws, orders, rules and regulations that are inconsistent with this Act are repealed or modified accordingly.

Sec. 51. Separability. –

The invalidity of any provision of this Act shall not affect the validity of the remainder of this Act.

Sec. 52. Effective Date and Transition. –

This Act shall take effect 15 days from the date of its publication in at least two newspapers of general circulation in the Philippines.  However, the Commission may by rule set a later date for the requirement to register as an investment adviser, principal distributor or mutual fund dealer for any person serving in any of those capacities on the date this Act takes effect.

 Approved,

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