WHEREAS,
the purchase and sale of sizable block of securities require time if
done only in one stock exchange, particularly if the market is not
bullish. Moreover, it tends to weaken the price of the security;chanroblesvirtualawlibrary
WHEREAS, the best interest of the seller and the buyer of securities
will be served if more than one broker handle the transaction if the
same is carried out in any or all the operating stock exchanges; and
WHEREAS, to infuse more interest among investors in the stock market
and help create a healthier investment climate, it is necessary that
transactions affecting listed securities be spread out among as many
people as could handle the same profitably with a view to promoting an
active market and not dampen it. chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines, and
pursuant to Proclamation No. 1081, dated September 21, 1972, and
General Order No. 1, dated September 22, 1972, as amended, do hereby
order and decree as part of the law of the land, the following:cralaw:red
Section 1. Any provision of law or decree to the
contrary notwithstanding, any and all brokers of an operating stock
exchange are hereby authorized to transact and/or execute orders
through members of any other operating stock exchanges when necessary
in the interest of customers, pursuant to such terms and conditions as
may be mutually agreed upon between the executing brokers, provided,
that the customer shall not pay more than the authorized commission,
and an appropriate report on the matter is submitted to the Securities
and Exchange Commission.
Section 2. The Securities and Exchange Commission is
hereby authorized to promulgate such rules and regulations as may be
necessary to implement this Decree, and to impose fines, suspension or
revocation of license of the guilty partly for any violation thereof,
as provided under existing laws.
Section 3. Any and all laws, decrees, rules or
regulations contrary to, or in conflict with, any provisions of this
Decree are hereby repealed or modified accordingly.
Section 4. This Decree shall take effect immediately.
Done in the City of Manila,
this 30th day of August, in the year of Our Lord, nineteen hundred and
seventy-three.
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