Rules and Regulations Prescribing Penalties for Issuance of Shares Without Prior Permit

October 17, 1978 RULES AND REGULATIONS PRESCRIBING PENALTIES FOR ISSUANCE OF SHARES WITHOUT PRIOR PERMIT To regulate the sale of securities, and by virtue of the powers vested in this Commission under existing laws particularly Section 56 of the Revised Securities Act , n in relation to Republic Act No. 1143, and more recently, under the provisions of Presidential Decree No. 902-A, the following schedule of fines for issuance of shares without prior permit is hereby promulgated: prcd 1st Violation 2/10th of 1% of the aggregate par or issue value of the securities issued but in no case to be less than P200.00 or more than P20,000.00.) 2nd Violation 3/10th of 1% of the aggregate par or issue value of the securities issued but in no case to be less than P200.00 or more than P20,000.00. 3rd Violation 4/40th of 1% of the aggregate par or issued value of the securities issued but in no case to be less than P200.00 or more than P20,000.00.) These Rules shall take effect fifteen (15) days after publication in two (2) newspapers of general circulation through the Philippines. (SGD.) ANGEL L. LIMJOCO, JR. Chairman n The Revised Securities Act, passed on February 23, 1986, supersedes the Securities of 1933 or C.A. No. 83.