In the Matter of Rainbow Finance, Inc.
SEC-CFD Order No. 059-09 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Apr 28, 2009
Full text
April 28, 2009 SEC-CFD ORDER NO. 059-09 IN THE MATTER OF RAINBOW FINANCE, INC. VIOLATION OF THE IMPLEMENTING R ULE S OF R. A. NO. 8556 (The Financing Company Act of 1998) ORDER ON PAYMENT OF PENALTY The records on file with this Commission show that RAINBOW FINANCE, INC. failed to file its 2008-2009 certification of Compliance Officer on the extent of its compliance with its Manual of Corporate Governance, certification of the Corporate Secretary on the attendance of directors to the 2008-2009 board meetings, Special Form for Financing Companies for 2007, filed late its 2006 4th quarter report and 2nd semester Interim Financial Statements within the periods prescribed by Section 13 (b) of the Rules and Regulations to Implement the Provisions of R.A. 8556 (The Financing Company Act of 1998) and Memorandum Circular No. 3, Series of 2007, respectively. CaHcET As a result, the company was ordered to pay a fine of Thirty-Six Thousand Six Hundred Pesos (P38,600.00), n which it paid on April 24, 2009 as shown by Official Receipt No. 0286292. The company is admonished to take all appropriate measures to ensure its faithful and timely compliance with the said rules, Memorandum Circular and law. Any further violation shall subject the company and/or its responsible officers to heavier penalties pursuant to SEC Memorandum Circular No. 6, Series of 2005 or Consolidated Scales of Fines. SO ORDERED. EDSA, Greenhills, Mandaluyong City, Metro Manila. April 28, 2009. (SGD.) JUSTINA F. CALLANGAN Director n Note from the Publisher: Copied verbatim from the official document.
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