Registration of Hedgers
SEC-BED Memorandum Circular No 02-88 • Securities and Exchange Commission Departments • Markets and Securities Regulation Department (MSRD) • Jan 29, 1988
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January 29, 1988 SEC-BED * MEMORANDUM CIRCULAR NO. 02-88 TO : All Concerned RE : Registration of Hedgers Pursuant to the Order of this Commission dated 28 December 1987 mandating that overseas trading shall be allowed only to bonafide hedgers who shall first be duly registered with the Commission before their futures contracts are actually traded, hereunder are the guidelines for their registration: prcd Requirements : A. Registration Statement stating therein under oath the following: 1. Name 2. Address 3. Officers/Directors of the corporation 4. Broker appointed which must have a foreign principal approved by the Commission 5. Purpose/s for trading in the commodity/ies duly established 6. Nature of business 7. Authorized Capital Stock Subscribed Capital Stock Paid-Up Capital Retained Earnings 8. Financial Ratios Debt Equity Ratio Solvency Ratio Liquidity Ratio B. Filing fee P2,000.00 License valid until December 31 renewable yearly C. Reports Monthly report of trading/s due within ten (10) days of the succeeding month. Semi-Annual financial statements due within thirty (30) days of the start of the semester. D. Enclosures 1. Financial statements for the last three (3) years 2. Proof to establish the legitimate purpose/s for trading in the commodity/ies (e.g. prospectus, track record). Failure to comply herewith shall be a ground for denial of application or revocation of license already granted, without prejudice to imposition of sanctions prescribed under the Revised Securities Act. cdll For your strict compliance. (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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