SEC MEMORANDUM CIRCULAR NO. 4 SCHEDULE OF FEES, FINES AND PENALTIES May 03, 2001

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
			Dec. 2
	Renewal
	Head Office				P20.000 + other fees
	Branch Office				P 5, 000 + other fees
	Salesman				P 1,000 + other fees
	Associated Person				P 1,500 + other fees
2. Fines and 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 or 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				P 2.000 + other fees
	Renewal		March 15
	Head Office				P3,000 + other fees
	Sales Agent				P1.000 + other fees
			C. Investment houses
1. Fees		Date of Filing		Amount
	New Registration
	Head Office				P50.000 + other fees
	Sales Agent				P10,000 + other fees
	Associated Person				1,000 +other fees
Renewal		January 15
	Head Office				P10,000 +other fees
	Branch Office				P 5,000 + other fees
	Associated Person				P 500 + other fees
2. Fines and Penalties
	Reports
	Progress		Within 15 days end of quarter		P 200 per day of delay
	Semi-Annual		Within 60 days end of semester		P 200 per day of delay
	Annual		Within the month of March of each year		P 200 per day of delay
	General Information Sheet		1 month after the date of the actual Annual Meeting		P 200 per day of delay
Other Violations
	- Minimum Paid-up Capital Requirement				P 200 per day of non-compliance
	- Unimpaired Capital				P200 per day of non-compliance
	- 25% Fee-Based Income				P200 per day of non-compliance
	- Capital Adequacy Ratios				P200 per day of non-compliance
	- Single Borrower's Limit
	- Networth to Risk Asset
	- 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 P200.00   per issue being handled but not   more than P5,000.00
2. Fines and 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 registered 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 of 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		Within 7 days of the occurence   of the events		Basic Fine P10,000 Plus P100/day of delay
	- 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
	Failure to submit Annual Audited   Financial Statements		105 days after the end of fiscal year		Basic fine of P10.000 Plus P100/day of delay
	Failure to submit General Information Sheet (GIS)		Within 30 days from the date of post ponement 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 post ponement 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 circular shall take effect immediately.

Adopted: 3 May 2001

(SGD.) LILIA R. BAUTISTA
Chairperson