Amendments to the Rules Fixing the Amount of Stockbrokers/Dealers Surety Bonds

November 4, 1994 SEC-BED * MEMORANDUM CIRCULAR NO. 04-94 TO : All Concerned SUBJECT : Amendments to the Rules Fixing the Amount of Stockbrokers/Dealers Surety Bonds Hereunder are the amendments to Section 2 of the Rules Fixing the Amount of Paid-up Capital of Stockbrokerage Firms and their Surety Bonds, dated October 9, 1973 as amended by Memorandum Circular No. 1 Series of 1994, dated January 17, 1994 to read as follows: 1. Henceforth, the amount of surety bonds required to be filed pursuant to Section 19 of the Revised Securities Act by stockbrokers and dealers is fixed at not less than Five Million Pesos (P5,000,000.00) for brokers and not less than One Million Pesos (P1,000,000.00) for dealers. Such bond or bonds shall be in favor of the Government of the Republic of the Philippines and conditioned upon the faithful compliance with the provisions of the Revised Securities Act & its implementing rules and regulations by said brokers & dealers and by all their salesman while acting for them. 2. These amendments shall take effect fifteen (15) days from publication once a week in a newspaper of general circulation in the Philippines. For your information and strict compliance. LexLib (SGD.) ROSARIO N. LOPEZ Chairman