Iimplementing Central Bank Circular Nos. 365 and 513, as amended by Circular 519

June 21, 1976 CBP MEMORANDUM TO : Authorized Security Dealers IMPLEMENTING CENTRAL BANK CIRCULAR NOS. 365 AND 513, AS AMENDED BY CIRCULAR 519 1. Securities transactions traded in both the peso boards (under the provisions of Circular 365 dated March 16, 1973) and the dollar boards (under the provisions of Circular 513, as amended by Circular 519 dated May 25, 1976) shall be reported daily in the attached form, CBP-6.22.30 (June, 1976) Daily Report of Purchases and Sales of Philippine Securities under Circular No. 365 dated March 16, 1973 and No. 513 dated April 12, 1976, as amended. This form replaces (1) CBP Form Nos. 6.22.26 (formerly CBP-FED Form No. 17) Daily Report of Purchases/Sales of Foreign Investment in Central Bank Approved Philippine Securities under Circular No. 365 dated March 16, 1973; (2) CBP-6.22.27 (formerly CBP-FED Form No. 17-A) Monthly Summary Report of Purchases/Sales of Foreign Investments in Central Bank-Approved Philippine Securities under Circular No. 365 dated March 16, 1973; (3) CBP-FED-AAB 22 Application for Approval of Foreign Investment in Financial Securities; and (4) the unnumbered form circulated under Memorandum to Authorized Security Dealers dated April 12, 1976, entitled "Weekly Report on Purchases and Sales of Securities under Circular No. 513 dated April 12, 1976." 2. The submission of CBP-6.22.30, duly accomplished, serves as an application for the registration of the securities investments made through the peso or dollar boards. The Central Bank shall assign appropriate registration number to each security investment, whether made through the dollar boards or peso boards of the local stock exchanges. 3. The repatriation of proceeds of sales of securities and the remittances of capital gains on such investments shall be subject to the following regulations: (1) No repatriation/remittance privilege shall accrue to any security investment unless the same is duly registered with the Central Bank (Foreign Exchange Department); (2) Securities investments traded exclusively through the dollar boards (both purchases and sales are effected in the dollar boards) shall, upon registration thereof, enjoy automatic remittance/repatriation privilege, the remittances to be effected net of all taxes and charges. The dollar proceeds of sales of such investments may, however, be deposited to the special dollar accounts authorized under Unnumbered Memorandum to Authorized Security Dealers dated April 12, 1976. (3) Repatriation of proceeds of sales of securities investments acquired and disposed of in the manner described hereunder and the remittances of capital gains accruing from such investments shall require prior Central Bank clearance: i) where the securities investments were purchased through the dollar boards but the sales thereof were made through the peso boards; ii) where the securities investments were purchased through the peso boards and they are sold through the peso boards; iii) where the securities investments were purchased through the peso boards and they are sold through the dollar boards. 4. Application for the repatriation of proceeds of sales of securities traded in the manner described in 3. i); ii) and iii) above and the remittance of capital gains accruing therefrom shall be made in the attached form, CBP-6.22.31 (June, 1976) Application For Repatriation of Foreign Investments in the Philippine Securities Traded Either Through the Peso or Dollar Board, and Remittance of Capital Gains Accruing from Said Securities Investments. This form replaces CBP-FED Form No. 23 Application for Repatriation of Foreign Investments in Central Bank-Approved Philippine Securities and Remittance of Capital Gains Authorized under Circular No. 365 dated March 16, 1973. 5. Repatriations of proceeds of sales of securities traded in both the pesos and dollar boards and Remittances of Capital Gains on said investments shall be reported daily, on the day immediately following the sales of the securities, in the attached form, CBP-6.22.32 (June, 1976) Daily Report of Repatriations of Proceeds of Sales of Duly Registered Securities Investments under Circular Nos. 365 and 513, as amended, and Remittances of Capital Gains Accruing from Said Investments. 6. The title of the "Monthly Report on the Movement of the U.S. Dollar Account Maintained under the provisions of Circular 513 dated April 12, 1976 circulated under memorandum to Authorized Security Dealers dated April 12, 1976" is hereby amended to read as follows: "Monthly Report on the Movement of the U.S. Dollar Account Maintained under Circular No. 513 dated April 12, 1976, as amended" and is hereby designated as Form CBP-6.22.29 (May, 1976). 7. The reports herein required to be submitted shall be subject to verification against the books and related records of the Authorized Security Dealers Concerned, and the submission of false reports shall subject the offenders and the responsible officials (President and General Manager) of the Authorized Security Dealers Concerned to administrative sanctions and to the penal provisions of Central Bank Charter, R.A. 265, as amended. 8. All regulations inconsistent herewith are hereby repealed and/or modified accordingly. 9. This Memorandum shall take effect immediately. (SGD.) G. S. LICAROS Governor