Revised Scale of Fines
SEC Memorandum Circular No. 02-03 • Securities and Exchange Commission • Memorandum Circulars • Feb 19, 2003
Full text
February 19, 2003 SEC MEMORANDUM CIRCULAR NO. 02-03 REVISED SCALE OF FINES To further rationalize the penalties being imposed by the Commission, and to ensure strict compliance with the Securities Regulation Code ("SRC") and its Implementing Rules and Regulations, and the Investment Company Act (ICA) and its implementing rules and regulations, the Commission in its meeting of February 11, 2003, approved the following scale of fines: cACEaI The imposition of the foregoing penalties shall be without prejudice to other administrative sanctions or to the filing of criminal charges against the person/s responsible for the violation. This Circular shall take effect fifteen (15) days from publication in a newspaper of general circulation in the Philippines. Signed on behalf of the Commission on February 19, 2003, Mandaluyong City, Philippines. (SGD.) LILIA R. BAUTISTA Chairperson
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