SEC Memorandum Circular No. 17, s. 2002 – Schedule of Fees, Fines and Penalties for Government Securities Eligible Dealers
SEC Memorandum Circular No. 17, s. 2002 adopts the schedule of fees, fines, and penalties for Government Securities Eligible Dealers to support an orderly, efficient, transparent, and fair government securities market.
SEC MEMORANDUM CIRCULARS
6/25/20262 min read
SEC Memorandum Circular No. 17, s. 2002
Schedule of Fees, Fines and Penalties
Date Issued: November 29, 2002
Issuing Agency: Securities and Exchange Commission, Philippines
Overview
Editorial Summary
This overview is an editorial summary only and is not part of the official text of the memorandum circular.
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
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):
Fees
Date of filing: New Registration
Head Office: P 50,000 + other fees
Branch Office: P 10,000 + other fees
Date of filing: Renewal
November 2
Head Office: P 20,000 + other fees
Branch Office: P 5,000 + other fees
Fines and Penalties
Basic Penalty for Violation
Violation: Failure to indicate Value Received (VR) on the trade transaction
First Offense: 1/5 of 1% of the aggregate price or value of securities transacted but not less than P3,000.00
Second Offense: 2/5 of 1% of the aggregate price or value of securities transacted but not less than P5,000.00
Third Offense: 3/5 of 1% of the aggregate price or value of securities transacted but not less than P10,000.00
Penalty for every day during which the violation continues: P100.00
Violation: Cancellation of trade transaction due to double encoding of transaction, i.e. sale, purchase, earmarking.
First Offense: P3,000.00
Second Offense: P5,000.00
Third Offense: P10,000.00
Penalty for every day during which the violation continues: P100.00
Violation: Late and/or non-reporting of gs trades to clients.
First Offense: P3,000.00
Second Offense: P5,000.00
Third Offense: P10,000.00
Penalty for every day during which the violation continues: P100.00
Violation: Erroneous encoding of trade details i.e. value date, account no., dealer code, ISIN, face value, tenor, counterparty's name.
First Offense: P1,000.00
Second Offense: P2,000.00
Third Offense: P3,000.00
Penalty for every day during which the violation continues: P100.00
Violation: Other violations determined by the BTr
First Offense: P1,000.00
Second Offense: P2,000.00
Third Offense: P3,000.00
Penalty for every day during which the violation continues: P100.00
This memorandum circular shall take effect immediately.
November 29, 2002.
Mandaluyong City, Philippines.
(Original Signed)
LILIA R. BAUTISTA
Chairperson
Source
Official Source: Securities and Exchange Commission, Philippines
Official URL: https://appointment.sec.gov.ph/mc-2002/sec-memorandum-circular-no-16-5/
Citation:
SEC Memorandum Circular No. 16, Series of 2002, Guidelines on the Nomination and Election of Independent Directors, Securities and Exchange Commission, Philippines, November 28, 2002.