Penalty for Failure to Notify the Exchange of Member-Firms' Personnel Movement (Circular No. 326, Series of 1996)

July 9, 1998 PSE MEMO FOR BROKERS NO. 260-98 FOR : All Member-Firms SUBJECT : Penalty for Failure to Notify the Exchange of Member-Firms' Personnel Movement (Circular No. 326, Series of 1996) Please be reminded that penalties as stated in Circular No. 326, Series of 1996 (see attached) will be strictly imposed. All member-firms are therefore required to notify the Exchange of any personnel movement within thirty (30) days from effectivity date. LexLib Please be guided accordingly. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer CIRCULAR NO. 326 AUGUST 16, 1996 SERIES OF 1996 PENALTY FOR FAILURE TO NOTIFY THE EXCHANGE OF MEMBER-FIRMS' PERSONNEL MOVEMENT (PSE CIRCULAR NO. 325, SERIES OF 1996) Please be informed that upon recommendation of the Membership Committee, the Board of Governors, in its meeting held on August 13, 1996, approved the imposition of the following penalties on member-firms that fail to notify the Exchange of any personnel movement, whether resignation or separation from office, within thirty (30) days from the effectivity date, to wit: cdll First offense P1,000.00 * Second offense P3,000.00 * Third offense P5,000.00 * Note: ( * ) per employee not reported to the Exchange. This Circular shall take effect immediately. (SGD.) RAFAEL L. LLAVE Chief Operating Officer