Non-submission of Daily Transaction Report and Employment of Unlicensed Investment Consultants to Handle Clients Accounts
SEC-BED Memorandum Circular No. 02-89 • Securities and Exchange Commission Departments • Markets and Securities Regulation Department (MSRD) • Jan 31, 1989
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January 31, 1989 SEC-BED * MEMORANDUM CIRCULAR NO. 02-89 TO : All Commodity Futures Brokers/Merchants RE : Non-submission of Daily Transaction Report and Employment of Unlicensed Investment Consultants to Handle Clients Accounts To instill more strict compliance with the Revised Rules and Regulations on Commodity Trading, the Commission hereby mandates the following: LibLex 1. On Non-submission of Daily Transaction Report Every broker is required to submit daily transaction report using the SEC-prescribed form within the immediately following trading day. Failure to do so shall subject the erring broker to the following scale of penalties: First Violation : P1,000.00 basic fine plus P10.00 per day of delay; Second Violation : P1,000.00 basic fine plus P50.00 per day of delay; Third and Subsequent Violation : Suspension ranging from five (5) to thirty (30) trading days plus fine ranging from P5,000.00 to P20,000.00 at the discretion of the Commission. 2. Employment of Unlicensed Investment Consultants to Handle Clients' Accounts First Violation : P20,000.00 fine on the broker and P2,000.00 fine on the investment consultant; Second Violation : P50,000.00 fine on the broker and P5,000.00 fine on the investment consultant; Third and Subsequent Violation : Suspension ranging from thirty (30) to ninety (90) trading days plus fine of P50,000.00, at the discretion of the Commission. For your strict compliance. (SGD.) ROSARIO N. LOPEZ Chairman
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