JK&C LIBRARYSEC Memorandum Circular No. 04, s. 2001
Overview
SEC Memorandum Circular No. 4, Series of 2001, concerns the Schedule of Fees, Fines and Penalties imposed by the Securities and Exchange Commission. The SEC officially lists the issuance under its 2001 Memorandum Circulars and under the category of Fees and Penalties.
The circular provides the applicable fees, fines, and penalties for transactions and compliance matters administered by the Commission.
The official SEC record identifies the issuance as “MC No. 4 s.2001 – RE: Schedule of Fees, Fines and Penalties” and records the date posted as May 3, 2001.
Full Text
Overview
SEC Memorandum Circular No. 4, Series of 2001, concerns the Schedule of Fees, Fines and Penalties imposed by the Securities and Exchange Commission. The SEC officially lists the issuance under its 2001 Memorandum Circulars and under the category of Fees and Penalties. The circular provides the applicable fees, fines, and penalties for transactions and compliance matters administered by the Commission. The official SEC record identifies the issuance as “MC No. 4 s.2001 – RE: Schedule of Fees, Fines and Penalties” and records the date posted as May 3, 2001.
Short Title / Subject
Schedule of Fees, Fines and Penalties
Full Text
SEC Memorandum Circular No. 04
Series of 2001
TO : All Broker Dealer, Investment Company Advisers, Investment Houses and Transfer Agents
SUBJECT : Schedule of Fees, Fines and Penalties
Pursuant to the Securities Regulation Code [SRC] (RA No. 8799) and its Implementing Rules and Regulations, the Basic Rules to Implement the Provisions of the Investment Houses Law (P.D. 129), the Corporation Code (BP Bldg., 68) and the Investment Company Act (RA No. 2629), the following schedule of fees, fines and penalties are hereby adopted:
A. BROKER/DEALER
| 1. Fees | Date of Filing | Amount |
| New Registration | ||
| Head Office | P50,000 + other fees | |
| Branch Office | 10,000 + other fees | |
| Salesman | 2,000 + other fees | |
| Associated Person | 3,000 + other fees | |
| Renewal | December 2 | |
| Head Office | P20,000 + other fees | |
| Branch Office | 5,000 + other fees | |
| Salesman | 1,000 + other fees | |
| Associated Person | 1,500 + other fees |
| 2. Fines & Penalties | ||
| Reports | ||
| FINOP (late filing) | Within 15 days after month end | Basic fine of P10,000
Plus P100 for every day of delay |
| Annual Audited Financial Report | 110 days after end of fiscal year | Basic fine of P10,000
Plus P100 for every day of delay |
| Other periodic reports | Basic fine of P10,000
Plus P100 for every day of delay | |
| Other practices prohibited under SRC | P10,000 for every violation without prejudice to the filing of criminal case | |
B. INVESTMENT COMPANY ADVISERS
| 1. Fees | Date of Filing | Amount |
| New Registration | ||
| Head Office | P10,000 + other fees |
| Sales Agent | 2,000 + other fees | |
| Renewal | March 15 | |
| Head Office | 3,000 + other fees | |
| Sales Agent | 1,000 + other fees | |
C. INVESTMENT HOUSES
| 1. Fees | Date of Filing | Amount |
| New Registration | ||
| Head Office | P50,000 + other fees | |
| Branch Office | 10,000 + other fees | |
| Associated Person | 1,000 + other fees | |
| Renewal | Jan 15 | |
| Head Office | P10,000 + other fees | |
| Branch Office | 5,000 + other fees | |
| Associated Person | 500 + other fees | |
| 2. Fines & Penalties | ||
| Reports | ||
| Progress | Within 15 days end of quarter | P200 per day of delay |
| Semi - Annual | Within 60 days end of semester | P200 per day of delay |
| Annual | Within the month of March of each year | P200 per day of delay |
| General Information Sheet | 1 month after the date of the actual Annual Meeting | P200 per day of delay |
| Other Violations | ||
| - Minimum Paid-up Capital Requirement | P200 per day of non- compliance | |
| - Unimpaired Capital | P200 per day of non- compliance | |
| - 25% Free-Based Income | P200 per day of non- compliance | |
|
P200 per day of non- compliance | |
| - Interlocking Directors | P200 per day of non- compliance | |
| - Underwriting Fees | P200 per day of non- compliance | |
D. TRANSFER AGENTS
| 1. Fees | Date of Filing | Amount |
| New Registration | Within 30 days from June 1 of every year | P10,000 + other fees |
| Renewal | Within 30 days from June 1 of every year | P3,000 + other fees |
| Plus P200 per issue being handled but not more than P5,000.00 |
| 2. Fines & Penalties | ||
| Failure/Late Filing of Monthly Reconciliation of PCD and TA | 10 days after the end of each month | Basic fine - P10,000 Plus P100/day of delay |
| Failure/Late Filing of monthly certification as to the number of shares under the name of PCD Nominee | 10 days after the end of each month | Basic fine - P10,000 Plus P100/day of delay |
| Failure/Late submission of Annual Report using SEC Form 36-AR | 105 days after the end fiscal year | Basic fine - P10,000 Plus P100/day of delay |
| Failure to submit any of the following exception reports
Any delay in the turnaround or processing of an issue, transfer or replacement of a security Any discrepancy between its records and those of the registered clearing agency, if applicable Any loss of securities reports to it; and The termination of its functions as a transfer agent for a particular security |
Within 7 days of the occurrence of the events |
Basic fine - P10,000 Plus P100/day of delay |
| Failure to submit Annual Audited Financial Statements | 105 days after the end fiscal year | Basic fine - P10,000 Plus P100/day of delay |
| Failure to submit General Information Sheet (GIS) | Within 30 days from the date of postponement of the Annual Meeting | Basic fine - P10,000 Plus P100/day of delay |
| Failure to submit Affidavit of Non-Holding of Meeting of Postponement of Annual Stockholder's Meeting | Within 30 days from the date of postponement of the Annual Meeting | Basic fine - P10,000 Plus P100/day of delay |
| Failure to submit Notice of Change of Address | Within 10 days after the end of each month | Basic fine - P10,000 Plus P100/day of delay |
This memorandum shall take effect immediately.
May 3, 2001.
Mandaluyong City, Philippines.
For the Commission:
(Original Signed)
LILIA R. BAUTISTA
Chairperson
Official PDF
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Source
Official Source: Securities and Exchange Commission
Official URL: https://appointment.sec.gov.ph/mc-2001/sec-memorandum-circular-no-04-13/
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 04, s. 2001, SEC Memorandum Circular No. 04, s. 2001, 2001-05-03
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Source
Securities and Exchange Commission Official source
Citation
Securities and Exchange Commission (SEC), Memorandum Circular, SEC Memorandum Circular No. 04, s. 2001, SEC Memorandum Circular No. 04, s. 2001, 2001-05-03