AMENDING
FURTHER PRESIDENTIAL DECREE NO. 129, AS AMENDED, OTHERWISE KNOWN AS
"THE
INVESTMENT HOUSES LAW".
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WHEREAS,
there must be greater cooperation among governmental agencies to ensure
the accomplishment of desired objectives;
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WHEREAS,
there is a need to provide flexibility to government authorities in
setting
the capitalization requirement for investment houses in order to
enhance
the capability of the latter to compete and to finance the requirements
of economic development. .chan
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NOW,
THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by
virtue
of the powers vested in me by the Constitution, do hereby decree and
order
as follows: .chan
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Section
1. The third paragraph of Section
4 of Presidential Decree No. 129, as amended, is hereby amended to read
as follows:
In
determining compliance with the provisions of subsections (b) and (c)
above,
the Securities and Exchange Commission shall consult with and act
pursuant
to such recommendation as the Monetary Board of the Central Bank of the
Philippines may make..chan
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Sec.
2. Section 8 of the same Decree
is hereby amended to read as follows: .chan
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"Sec.
8. The minimum initial paid-in
capital of any Investment House shall be Twenty Million (P20,000,000)
Pesos:
Provided, That the Monetary Board of the Central Bank may prescribe a
higher
minimum capitalization if warranted by the circumstances..chan
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Sec.
3. The first paragraph of Section
16 of the same Decree is hereby amended to read as follows:
"Sec.
16. Penalties for violation.
— Upon proof that an Investment House is violating or not complying
with
the provisions of this Decree, of other pertinent laws, of the terms or
conditions of its certificate of registration or charter, or of orders,
decisions, rulings or regulations issued by the Securities and Exchange
Commission, the Commission shall impose upon the Investment House and
collect
a fine of not exceeding two hundred (P200.00) pesos per day for every
day
during which such violation or non-compliance continues, and/or suspend
its certificate of registration. The officer or director of the
Investment
House who ordered or authorized the violation or non-compliance shall
be
solidarily liable. The fine so imposed shall be paid to the Government
of the Philippines through the Securities and Exchange Commission.
Sec.
4. All laws, decrees, rules and
regulations inconsistent with this Decree are hereby repealed or
modified
accordingly.
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Sec.
5. This Decree shall take effect
immediately..chan
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Done
in the City of Manila this 16th day of January, in the year of Our
Lord,
nineteen hundred and eighty-one..chan
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