Securities Regulation Code

August 9, 2000 SEC-BED * MEMORANDUM CIRCULAR NO. 02-00 TO : The Philippine Stock Exchange, Inc . (PSE) The Philippine Central Depository, Inc . (PCD) The Securities Clearing Corporation of the Philippines (SCCP) The Philippine Association of Stock Transfer & Registry Agencies (PASTRA) The Investment Houses Association of the Philippines (IHAP) The Investment Companies Association of the Philippines (ICAP) The Philippine Federation of Pre-Need Plan Companies, Inc . The Philippine Association of Publicly Held Companies The Philippine Finance Association The Philippine Association of Securities Brokers Dealers, Inc . (PASBDI) All PSE Member-Broker/Dealers All Other Broker/Dealers All Transfer Agents All Investment Houses All Investment Company Managers/Advisers All Pre-Need Companies SUBJECT : Securities Regulation C od e WHEREAS, the Securities Regulation Code, the law repealing the Revised Securities Act, shall take effect on 8 August 2000. WHEREAS, Sec. 72 thereof provides among others, that the Code shall be self-executory and that absence of rules and regulations to implement the same shall not in any manner affect the self-executory nature of the Code. NOW, THEREFORE, to prevent the emergence of any regulatory gap pending the issuance of implementing rules and regulations and to ensure orderly transition from the Revised Securities Act to the Securities Regulation Code, the Commission, hereby ORDERS that: HCDAac All existing rules and regulations, implementing guidelines, memo-circulars, orders and directives of the Commission which are not inconsistent with the new Code shall remain effective until the Commission declares them otherwise; and All secondary licenses issued by the Commission shall also remain effective and valid until their expiry or until revoked or cancelled by the Commission. cCAIaD EDSA, Mandaluyong City. (SGD.) LILIA R. BAUTISTA Chairman