Rules and Regulations Prescribing Penalties for Non-Filing and Late Filing of Reports Relative to the Terms and Conditions of the Permit to Offer Securities for Sale

December 26, 1972 RULES AND REGULATIONS PRESCRIBING PENALTIES FOR NON-FILING AND LATE FILING OF REPORTS RELATIVE TO THE TERMS AND CONDITIONS OF THE PERMIT TO OFFER SECURITIES FOR SALE Under and by virtue of the powers vested in this Commission under existing laws particularly Section 1(b) of Republic Act No. 1143, in relation to the Revised Securities Act, n the following schedule of fines for non-filing and late filing of reports required to be submitted under the terms and conditions of the permit to offer securities for sale is hereby promulgated: I. For reports required to be submitted annually, semi-annually and quarterly: LibLex First violation P25.00 plus an amount not exceeding P10.00 for every day during which such violation or default continues. Second violation P50.00 plus an amount not exceeding P10.00 for every day during which such violation or default continues. Third violation P75.00 plus an amount not exceeding P10.00 for every day during which such violation or default continues. Fourth violation P100.00 plus an amount not exceeding P10.00 for every day during which such violation or default continues. Fifth and succeeding violations P125.00 plus an amount not exceeding P10.00 for every day during which such violation or default continues. II. For reports required to be submitted monthly: P25.00 plus an amount not exceeding P5.00 for every day during which such violation or default continues. III. An application for extension of time of not exceeding fifteen (15) days, to file the reports may be entertained if presented before the due date and upon payment of the compromise penalty of P25.00. IV. These rules shall take effect fifteen (15) days after they have been publicly promulgated by publication in at least two newspapers of general circulation in the Philippines. (SGD.) ARCADIO E. YABYABIN Securities and Exchange Commissioner APPROVED: December 26, 1972 (SGD.) TROADIO T. QUIAZON, JR. Acting Secretary Department of Trade and Industry Footnotes n The Revised Securities Act, passed on February 23, 1982, supersedes the Securities Act of 1933 .