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PRESIDENTIAL DECREE NO. 590
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PRESIDENTIAL DECREE NO. 590
- AMENDING Section FIFTEEN OF PRESIDENTIAL DECREE NO. 129, ENTITLED
"GOVERNING THE ESTABLISHMENT, OPERATION AND REGULATION OF INVESTMENT
HOUSES"
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chanroblesvirtualawlibrary
WHEREAS,
there are existing firms, the majority interest in which is owned by
foreigners, which have been substantial contribution to capital
formation in the Philippines during the past decades;chanroblesvirtualawlibrary
WHEREAS, the said firms are deterred by present statutory constraints
on the citizenship from continuing to engage in the guaranteed
underwriting of securities;chanroblesvirtualawlibrary
WHEREAS, the said firms possess the resources and expertise to
contribute significantly to increase capital formation in the country;chanroblesvirtualawlibrary
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:cralaw:red
Section 1. Section 15 of Presidential Decree No. 129,
entitled "Governing the Establishment, Operation and Regulation of
Investment Houses" is hereby amended to read as follows:cralaw:red
"Sec. 15. Transitory provisions. — Existing
enterprises which are operating as Investment Houses shall, within one
year following the approval of this Decree, comply with the
requirements hereof, except with respect to the filing of an
information sheet which shall be complied with within six months as
provided in the last paragraph of Section 4 of this Decree.
"A corporation duly licensed as a securities dealer or broker, the
majority of the voting stock of which is not owned by the citizen of
the Philippines or majority of the members of the Board of which are
not citizens of the Philippines, and which has been actually engaged in
the guaranteed underwriting of securities of other corporations for a
period of five years prior to the effectivity of this Decree, may
continue to engage in guaranteed underwriting for a period of five
years from the date of this Decree or until the expiration of the
corporate existence of the corporation, whichever event comes first,
without being required to register as an Investment House as herein
above provided: Provided, however, That said corporation shall be
subject to such rules and regulations as may be promulgated by the
Securities Exchange Commission and the Central Bank for the purpose."
Section 2. All laws, decrees, orders, rules and
regulations inconsistent herewith are hereby repealed and/or modified
accordingly. chanroblesvirtualawlibrary
Section 3. This Decree takes effect immediately.
DONE in the City of Manila,
this 28th day of November, in the year of Our Lord, nineteen hundred
and seventy-four.
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