Rules to Implement Presidential Decree No. 282
On September 27, 1973, the Philippine Securities and Exchange Commission established rules to implement Presidential Decree No. 282, which allows stock exchange transactions through brokers of different operating exchanges to fulfill customer orders. Brokers must enter into formal written agreements, and the customer’s commission cannot exceed the allowable limits. After transactions, stock certificates must be issued by the transfer office of the listed company, and uniform rules regarding settlement dates and pricing must be maintained across exchanges. Transactions under this decree must be reported to the Commission in accordance with existing regulations, and these rules took immediate effect following their publication in general circulation newspapers.
Quick Answers
- What is Rules to Implement Presidential Decree No. 282 about?
- On September 27, 1973, the Philippine Securities and Exchange Commission established rules to implement Presidential Decree No. 282, which allows stock exchange transactions through brokers of different operating exchanges to fulfill customer orders. Brokers must enter into formal written agreements, and the customer’s commission cannot exceed the allowable limits. After transactions, stock certificates must be issued by the transfer office of the listed company, and uniform rules regarding settlement dates and pricing must be maintained across exchanges. Transactions under this decree must be reported to the Commission in accordance with existing regulations, and these rules took immediate effect following their publication in general circulation newspapers.
- What type of law is IRR of PD 282?
- Rules to Implement Presidential Decree No. 282 (IRR of PD 282) is a Philippine Implementing Rules and Regulations enacted by the Congress of the Philippines.
- When was Rules to Implement Presidential Decree No. 282 enacted?
- Rules to Implement Presidential Decree No. 282 (IRR of PD 282) was enacted on Sep 27, 1973.
- What is the citation for Rules to Implement Presidential Decree No. 282?
- Rules to Implement Presidential Decree No. 282, IRR of PD 282, Sep 27, 1973 (Philippines)
Law Information
- Reference Number
- IRR of PD 282
- Date Enacted
- Subcategory
- Securities
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
September 27, 1973
RULES TO IMPLEMENT PRESIDENTIAL DECREE NO. 282 AUTHORIZING STOCK EXCHANGE TRANSACTIONS BY MEMBERS OF AN OPERATING STOCK EXCHANGE THROUGH MEMBERS OF ANOTHER OPERATING STOCK EXCHANGE WHEN NECESSARY TO EXECUTE CUSTOMERS' ORDERS
Under and by virtue of the powers vested in it by existing laws, particularly Section 2 of the Presidential Decree No. 282 dated August 30, 1973, this Commission hereby promulgates the following rules:
1. The relationship between the brokers of the two or more exchanges executing the transaction shall be based upon prior formal written agreement between them, a copy of which shall be filed with each stock exchange and the Commission.
2. Pending appropriate study of the reasonable share in the commission by the participating brokers, the matter shall be governed solely by agreement of the parties, provided that the customer shall pay not more than the allowable commission for each transaction.
3. The member or broker of one stock exchange making use of the facilities of another stock exchange through his correspondent therein shall, after the execution of the transaction in each stock exchange, cause the issuance of stock certificates corresponding to the number of shares executed in each exchange by going directly to the transfer office of the listed company for the purpose. The stock certificates shall be issued by the transfer office in the name of the persons specified in the transfer instruction received by it or in the absence of a specified name, in the firm name of the executing broker.
Pending receipt of such stock certificate the person in whose name the stock is to be issued may issue a stock power corresponding to the total number of shares in his name, to be guaranteed by the executing broker in each stock exchange and validated by the clearing house of such exchange.
4. To assure uniformity in the rules in all the operating stock exchanges, the settlement date shall be four (4) trading days from the execution of the transaction in each stock exchange; and there shall be uniformity in price fluctuations as well as ex-dividend and ex-right dates of each particularly listed security in all the operating stock exchanges. llcd
5. Transactions consummated under Presidential Decree No. 282 and as herein provided shall be reported to this Commission as prescribed under SEC Rule B-11 promulgated pursuant to the Revised Securities Act.
6. These rules shall take effect immediately and shall be published in at least two newspapers of general circulation in the Philippines. LibLex
(SGD.) ARCADIO E. YABYABINSecurities and Exchange CommissionerSecurities and Exchange Commission
Approved: September 28, 1973
(SGD.) TROADIO T. QUIAZON, JR.Acting Secretary of TradeDepartment of Trade
Cite This Law
Rules to Implement Presidential Decree No. 282, IRR of PD 282, Sep 27, 1973 (Philippines)
Rules to Implement Presidential Decree No. 282, IRR of PD 282 (Phil. 1973)
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- Rules and Regulations to Implement Presidential Decree No. 760/866/1711IRR of PD 760/866/1711 • May 29, 1986 • Implementing Rules and Regulations
- Rules and Regulations Implementing Presidential Decree No. 194IRR-PD 194 • Jun 11, 1973 • Implementing Rules and Regulations
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