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Philippine Corporate Bulletin - Chan Robles Virtual Law Library

 

This page contains the full text of the
Schedule of Fees, Fines and Penalties



____________________________________________________________________



 
 
 
 

MEMORANDUM CIRCULAR NO. 17, Series of 2002


SCHEDULE OF FEES, FINES AND PENALTIES

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):chanroblesvirtuallawlibrary

 

1. Fees
Date of
 filing
Amount
New Registration
Head Office
P 50,000 + other fees
Branch Office
10,000 + other fees
Renewal
November 2
Head Office
P 20,000 + other fees
Branch Office
5,000 + other fees
 

2. Fines and Penalties
 

Basic Penalty for Violation
Violations
First Offense
Second Offense
Third Offense
Penalty for every day during which the violation continues
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
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
c)  Late and/or non-reporting of gs trades to clients.
P3,000.00
P5,000.00
P10,000.00
P100.00
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
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.cralaw

November   29, 2002, Mandaluyong City, Philippines.
 
 

LILIA R. BAUTISTA
Chairperson
 
 

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