JK&C LIBRARYSEC Memorandum Circular No. 17, s. 2002
Overview
SEC Memorandum Circular No. 17, s. 2002 adopts the schedule of fees, fines, and penalties applicable to Government Securities Eligible Dealers (GSED).
The circular provides registration and renewal fees for head offices and branch offices. It also lists fines and penalties for violations such as failure to indicate Value Received on trade transactions, cancellation of trade transactions due to double encoding, late or non-reporting of government securities trades to clients, erroneous encoding of trade details, and other violations determined by the Bureau of the Treasury.
Full Text
Overview
SEC Memorandum Circular No. 17, s. 2002 adopts the schedule of fees, fines, and penalties applicable to Government Securities Eligible Dealers (GSED). The circular provides registration and renewal fees for head offices and branch offices. It also lists fines and penalties for violations such as failure to indicate Value Received on trade transactions, cancellation of trade transactions due to double encoding, late or non-reporting of government securities trades to clients, erroneous encoding of trade details, and other violations determined by the Bureau of the Treasury.
Short Title / Subject
Schedule of Fees, Fines and Penalties
Full Text
SEC MEMORANDUM CIRCULAR NO. 17
Series of 2002
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):
| 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 |
- 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.
November 29 , 2002.
Mandaluyong City, Philippines.
(Original Signed)
LILIA R. BAUTISTA
Chairperson
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Source
Official Source: Securities and Exchange Commission
Official URL: https://www.sec.gov.ph/mc-2002/sec-memorandum-circular-no-17-4/#gsc.tab=0
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 17, s. 2002, SEC Memorandum Circular No. 17, s. 2002, 2002-11-29
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 17, s. 2002, SEC Memorandum Circular No. 17, s. 2002, 2002-11-29