A
collection of Philippine laws, statutes and codes
not
included or cited in the main
indices
of
the
Chan Robles Virtual Law Library
PRESIDENTIAL DECREE NO. 1798
PRESIDENTIAL DECREE NO. 1798
- AMENDING Section 4 OF COMMONWEALTH ACT NO. 83 AS AMENDED BY
PRESIDENTIAL DECREE NO. 678
|
chanroblesvirtualawlibrary
WHEREAS,
commercial paper issues are instruments for mobilizing funds in
developed capital markets as well in developing capital
markets; chanroblesvirtualawlibrary
WHEREAS, commercial paper issuance either through direct savings
investment process or through financial intermediaries have monetary
and credit implications;chanroblesvirtualawlibrary
WHEREAS, Presidential Decree No. 678 requiring the registration of
commercial paper issues by the Securities and Exchange Commission in
accordance with rules which said decree requires to be approved by the
Monetary Board of the Central Bank of the Philippines which was then
granted concurrent power of enforcement of the rules;chanroblesvirtualawlibrary
WHEREAS, the intention is to infuse into the mere procedural
registration responsibility of the Securities and Exchange Commission
the wider implication of monetary and credit policies of the Monetary
Board.
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 that:cralaw:red
"Sec. 1. The paragraph added by Section 2 of
Presidential Decree No. 678 to Section 4 of Commonwealth Act No. 83 is
hereby amended to read as follows:cralaw:red
"Notwithstanding the provisions of the preceding paragraph regarding
exemptions, and any other provisions of this Act and all other existing
laws, commercial papers as defined in Section 1 hereof shall be
registered by the Securities and Exchange Commission in accordance with
the requirements of full disclosure in the public interest and rules
and regulations on procedural registration that shall be promulgated by
the Securities and Exchange Commission, after approval by the Monetary
Board. Interbank loans may be exempted from registration as may be
necessary in the public interest. chanroblesvirtualawlibrary
The Monetary Board is hereby authorized to promulgate rules on the
monetary and credit aspects of commercial paper issues, which may
include the imposition of ceilings on an industry-wide basis on
commercial paper issues by any single issuer. The Monetary Board shall
have the power of supervision in the enforcement of such rules and it
may require issuers to submit their financial statements and other
relevant reports to the Central Bank on a regular or periodic basis."
Section 2. All laws or regulation inconsistent
herewith are hereby repealed or modified accordingly.
Section 3. This Decree shall take effect upon
approval.
Done in the City of Manila,
this 16th day of January, in the year of Our Lord, nineteen hundred and
eighty-one.
|
Back
to Home
- Back
to Main
chanroblesvirtuallawlibrary
Since 19.07.98
|