Fixing the Period Within Which Contribution to the Trust Fund Is Deposited and Report of Said Deposit Is Submitted
SEC-IRD Memorandum Circular No. 02-95 • Securities and Exchange Commission Departments • Economic Research and Training Department (ERTD) • Dec 4, 1995
Full text
December 4, 1995 SEC-IRD * MEMORANDUM CIRCULAR NO. 02-95 RE : Fixing the Period within which Contribution to the Trust Fund is Deposited and Report of said Deposit is submitted In order to ensure that the Trust Fund is sufficient to meet the payments for maturing pre-need plans, the Securities and Exchange Commission is hereby fixing the period within which to make the deposits to the trust fund to five (5) days from the receipt of payments from plans sold either in cash or installment. A report of such deposits shall be submitted to the Commission within ten (10) days from the end of each month, and any deficiency in the trust fund shall be covered by additional deposits to be made within five (5) days from receipt of notice from the Commission regarding such deficiency. All deposits and report shall be made within the time prescribed above, unless otherwise authorized by the Commission, to be made at a later date for justifiable reasons. Habitual violation will be penalized by suspension or revocation as may be warranted under existing rules of the Commission. This Circular takes effect immediately. (SGD.) PERFECTO R. YASAY, JR. Acting Chairman
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