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SEC penalizes PSE for own disclosure violations

- Neil Jerome C. Morales () - June 2, 2012 - 12:00am

MANILA, Philippines - The corporate watchdog has penalized the Philippine Stock Exchange (PSE) for violating its own disclosure rules.

“The PSE received on May 29 a letter from the SEC (Securities and Exchange Commission) imposing a fine of P65,000 for PSE’s alleged violation of Section 17.2 (a) of the PSE Disclosure Rules,” the local bourse said.

Under Section 17.2 (a) of the PSE Disclosure Rules, listed companies are required to submit annual reports within 105 days after the end of their respective fiscal year.

Non-compliant firms will be slapped with P50,000 in penalties for the first violation, P75,000 for the second violation, trading suspension for one month for the third violation and delisting for the fourth violation.

An additional P1,000 per day fine will be slapped for each trading day that the offense continues, including the day on which the violation is rectified.

“Failure to pay within one month from the imposition of the penalty and any additional fine imposed will result in the suspension of trading of the securities of the listed company,” the rules read.

“The PSE will request for reconsideration of this order,” the stock exchange said.

The PSE operates and manages the country’s sole stock exchange that has 254 listed firms and 133 active trading participants.

  

DAY DISCLOSURE DISCLOSURE RULES EXCHANGE PHILIPPINE STOCK EXCHANGE PSE RULES SECURITIES AND EXCHANGE COMMISSION TRADING UNDER SECTION VIOLATION
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