MORNBFI Vol. 1 - Planters Development Bank

APP. Q-708.12.31Sec. 12. Conditions of the Authorityto Issue Commercial Paper(a) In the event that the commercialpaper issuer fails to pay in full anycommercial paper upon demand at statedmaturity date, the Authority to IssueCommercial Paper is automaticallysuspended. The selling agent shall, withinthe next working day, notify the SECthereof, and the SEC shall forthwith issuea formal Cease-and-Desist Order,enjoining both the issuer and the sellingagent from further issuing or sellingCommercial papers.(b) Whenever necessary toimplement the monetary and creditpolicies promulgated from time to timeby the Monetary Board of the BSP, the SECmay suspend the Authority to IssueCommercial Paper, or reduce theauthorized amount thereunder, orschedule the maturities of the registeredcommercial paper to be issued.Sec. 13. Basic Features ofRegistered Commercial Papers(a) All registered commercial paperinstruments shall have a standard format,serially pre-numbered, and denominated.The instrument shall state, among others,the debt ceiling of the registrant and anotice that information about the registrantsubmitted in connection with theregistration and other reportorialrequirements from the issuer is availableat the SEC and open to public inspectionand that the issuer is not authorized by theBSP to perform quasi-banking functions.(b) A specimen of the proposedcommercial paper instrument shall besubmitted to the SEC for approval of thetext thereof.(c) The approved instrument shall beprinted by the BSP Security Printing Plantpursuant to a prior authorization from theSEC, and shall be released by the SEC tothe issuer.Sec. 14. Minimum Maturity ValueThe maturity value of each registeredcommercial paper instrument shall not belower than P300,000.Sec. 15. Fees. Every registrant shallpay the following fees:(a) Upon application for registration,and for renewals thereof, a filing fee ofnot more than 1/50th of 1% based on thetotal commercial paper proposed to beissued.(b) For issuers of commercial paperexempt under Section 5 hereof, an annualexemption fee of P10,000.Sec. 16. Notice of AvailmentWhenever the credit line is drawn upon,the selling agent and/or issuer shall, withintwo (2) working days immediatelyfollowing the date of drawdown, notify theSEC of such event, indicating the amountavailed of and the total availment as of thatgiven time.Sec. 17. Periodic Reports(a) Issuers of registered commercialpapers and those exempt under Section 5hereof shall submit to the SEC and the BSPthe following reports in the prescribed form:(1) Monthly reports on commercialpapers outstanding as at the end of eachmonth, to be submitted within ten (10)working days following the end of thereference month;(2) Quarterly reports on commercialpaper transactions, accompanied by aninterim quarterly financial statement, to besubmitted within thirty (30) calendar daysfollowing the end of the reference quarter; and(3) For issuers whose application forregistration was under Section 10 hereof,the projected quarterly cash flow statementswith the corresponding quarter's actualfigure, to be submitted within ten (10)working days following the end of thereference quarter;Q RegulationsAppendix Q-7 - Page 6Manual of Regulations for Non-Bank Financial Institutions