MORNBFI Vol. 1 - Planters Development Bank

§§ 4441Q.14 - 4499Q08.12.31§ 4441Q.14 Reportorial requirementsAn accredited securities custodian shallcomply with reportorial requirements thatmay be prescribed by the BSP, which shallinclude as a minimum, the face and marketvalue of securities held under custodianship.§§ 4441Q.15 - 4441Q.28 (Reserved)§ 4441Q.29 Sanctions. Withoutprejudice to the penal and administrativesanctions provided for under Sections 36and 37, respectively, of the R.A. No. 7653,violation of any provision of this Sectionshall be subject to the following sanctions/penalties:a. First offense –(1) Fine of up to P10,000 a day for theinstitution for each violation reckoned fromthe date the violation was committed up tothe date it was corrected; and(2) Reprimand for the directors/officersresponsible for the violation.b. Second offense -(1) Fine of up to P20,000 a day for theinstitution for each violation reckoned fromthe date the violation was committed up tothe date it was corrected; and(2) Suspension for ninety (90) dayswithout pay of directors/officers responsiblefor the violation.c. Subsequent offenses –(1) Fine of up to P30,000 a day for theinstitution for each violation from the datethe violation was committed up to the dateit was corrected;(2) Suspension or revocation of theauthority to act as securities custodian and/or registry; and(3) Suspension for 120 days withoutpay of the directors/officers responsible forthe violation.Secs. 4442Q - 4498Q (Reserved)Sec. 4499Q Sanctions. Any violation of theprovisions of this Part shall be subject toSections 36 and 37 of R.A. No. 7653,without prejudice to the imposition of othersanctions as the Monetary Board mayconsider warranted under the circumstancesthat may include the suspension orrevocation of an institution’s authority toengage in trust and other fiduciary businessor in investment management activities, andsuch other sanctions as may be providedby law.The guidelines for the imposition ofmonetary penalty for violations/offenseswith sanctions falling under Section 37 ofR. A. No. 7653 on QBs, their directors and/or officers are shown in Appendix Q-39.Q RegulationsPart IV - Page 46Manual of Regulations for Non-Bank Financial Institutions