Deposit of Proceeds from Sale of Securities
SEC-BED Memorandum Circular No. 11-89 • Securities and Exchange Commission Departments • Markets and Securities Regulation Department (MSRD) • Oct 31, 1989
Full text
October 31, 1989 SEC-BED * MEMORANDUM CIRCULAR NO. 11-89 TO : Issuers of Securities and Custodian Banks RE : Deposit of Proceeds from Sale of Securities For the protection of the investing public, this Commission hereby mandates that all issuers of registered/licensed securities shall cause the deposit of the proceeds from the sale of securities with a custodian bank approved by SEC, the latter undertaking the responsibility to monitor the withdrawal of the same and the application of said funds for the project/s as contained in their work program for which their applications for registration/licensing were approved by this Office. All issuers concerned are hereby required to submit their agreements with said custodian banks within thirty (30) days from approval of said applications. Custodian banks are likewise required to submit a monthly report of said account not later than the 7th day of every month. For your strict compliance. (SGD.) ROSARIO N. LOPEZ Chairman
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