2001 / Mar
SEC-CFD MEMORANDUM CIRCULAR NO. 001 SCALE OF FINES March 28, 2001
[ SEC-CFD MEMORANDUM CIRCULAR NO. 001, March 28, 2001 ]
SCALE OF FINES
Pursuant to Republic Act No. 8799, otherwise known as the Securities Regulation Code (SRC), and its implementing Rules and Regulations, the following scale of fines shall be imposed for late filing of reports by reporting corporations enumerated in Section 17.2 thereof:
Whenever applicable, the second and third offenses shall refer to subsequent violations within a 12 month period from the first offense.
This memorandum circular shall take effect immediately.
Adopted: 28 March 2001
(SGD.) LILIA R. BAUTISTA
Chairman
Reports | Basic Penalty | Penalty for everyday of Delay | ||
First Offense | Second Offense | Third Offense | ||
Annual Reports | P100,000.00 | P100.00 | ||
| Tender Offer Report | P100,000.00 | P150,000.00 | P200,000.00 | P100.00 |
| Proxy Statement | P100,000.00 | P125,000.00 | P150,000.00 | P100.00 |
| Information Statement | P100,000.00 | P125,000.00 | P150,000.00 | P100.00 |
| Quarterly Report | P 50,000.00 | P 75,000.00 | P100,000.00 | P100.00 |
| Current Report | P 50,000.00 | P 75,000.00 | P100,000.00 | P 100.00 |
Statement of Beneficial Ownership | ||||
| Nominal | P 10,000.00 | P 15,000.00 | P 20,000.00 | P 50.00 |
| 5% | P 20,000.00 | P 25,000.00 | P 30,000.00 | P 50.00 |
| 10% | P 50,000.00 | P 75,00.00 | P100,000.00 | P 50.00 |
Whenever applicable, the second and third offenses shall refer to subsequent violations within a 12 month period from the first offense.
This memorandum circular shall take effect immediately.
Adopted: 28 March 2001
(SGD.) LILIA R. BAUTISTA
Chairman