MORNBFI Vol. 1 - Planters Development Bank

APP. Q-708.12.31(b) These periodic reports shall besigned under oath by the corporate officersauthorized pursuant to a board resolutionpreviously filed with the SEC;(c) Issuers whose offices are locatedin the provinces may submit their reportsto the nearest extension offices of the SEC.Sec. 18. Administrative Sanctions. Ifthe SEC finds that there is a violation ofany of these Rules and Regulations andimplementing circulars or that any issuer,in a registration statement and itssupporting papers, as well as in theperiodic reports required to be filled withthe SEC and the BSP, has made any untruestatement of a material fact, or omitted tostate any material fact required to be statedtherein or necessary to make the statementstherein not misleading, or refuses to permitany lawful examination into its corporateaffairs, the SEC shall, in its discretion, imposeany or all of the following sanctions:(a) Suspension or revocation, afterproper notice and hearing, of the Certificateof Registration and Authority to IssueCommercial Paper;(b) A fine in accordance with theguidelines that the SEC shall issue fromtime to time: Provided, however, That suchfine shall in no case be less than P200 ormore than P50,000 for each violation, plusnot more than P500 for each day ofcontinuing violation. Annex "B" hereof shallinitially be the guideline on the scale of fines;(c) Other penalties within the powerof the SEC under existing laws; and(d) The filing of criminal charges againstthe individuals responsible for the violation.Sec. 19. Cease-and-Desist Order. TheSEC may, on its own motion or uponverified complaint by an aggrieved party,issue a Cease-and-Desist Order ex-parteif the violation(s) mentioned in Section 18may cause great or irreparable injury tothe investing public, or may amount topalpable fraud, or violation of the disclosurerequirements of the Securities Act and ofthese Rules and Regulations.The issuance of such Cease-and-DesistOrder automatically suspends theAuthority to Issue Commercial Paper.Such Cease-and-Desist Order shall beconfidential in nature until after the impositionof the sanctions mentioned in Section 18 shallhave become final and executory.Immediately upon the issuance of anex-parte Cease-and-Desist Order, the SECshall notify the parties involved, andschedule a hearing on whether to lift suchorder, or to impose the administrativesanctions provided for in Section 18 not laterthan fifteen (15) days after receipt of notice.Sec. 20. Repealing Clause. TheseRules and Regulations supersede the Ruleson Registration of Commercial Papersdated 10 December 1975, and all theamendments to said Rules. All other rules,regulations, orders, and memorandacircular of the SEC which are inconsistentherewith are likewise hereby repealed ormodified accordingly.Sec. 21. Transitory Provision. Anyauthority to Issue Commercial Paper, validand subsisting as of the date of theeffectivity of these Rules and Regulations,shall remain valid and upon its expirationmay, at the discretion of the SEC andsubject to such conditions as it mayimpose, be renewed on the basis of theRules of Registration of Commercial Papersdated 10 December 1975 for an aggregateperiod not exceeding fifteen (15) monthsfrom its expiry date.Sec. 22. Effectivity. These Rules andRegulations shall take effect on11 December 1981.(Editors Note: Annexes "A" and "B" arenot reproduced in this Appendix.)Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-7 - Page 7