MORNBFI Vol. 1 - Planters Development Bank

APP. Q-1808.12.31Sec. 12. Bangko Sentral Rules. IHs shallalso be subject to the rules and regulationspromulgated by the BSP for non-bankfinancial intermediaries as provided by law.Sec. 13. Visitorial Power. TheCommission may, at its discretion, makesuch investigations as it deems necessaryto determine whether or not an IH iscomplying with any of the provisions ofP.D. No. 129 or of any applicable laws,rules and regulations. It shall determineall the facts and circumstances concerningthe matter to be investigated for theimposition of sanctions/penalties orremedial or preventive measures.Sec. 14. General Exemption PowerThe Commission may, upon properpetition and payment of a fee of P100, grantan exemption from compliance with anyrequirements of these rules as may beconsistent with public interest and theprotection of investors.Sec. 15. Penalties. Any violation of P.D.No. 129 or of these rules and regulations,shall be penalized by suspension orrevocation of the License to Operate, afterproper notice and hearing. In appropriatecases, a fine not exceeding P200 per dayfor every day during which such violationcontinues, shall be imposed upon the IHand the officer or director who ordered orauthorized the violation, without prejudiceto the criminal liabilities provided inthe second paragraph of Section 16 ofP. D. No. 129.In the exercise of its regulatory powersunder Section 12 of P.D. No. 129, theMonetary Board may issue a cease-anddesistorder upon an IH which is notcomplying with BSP rules and regulationspertaining to non-bank financialintermediaries or, in appropriate cases,rules governing quasi-banking functions ofIHs. Failure to comply with the cease-anddesistorder shall subject an IH to a fine tobe imposed by the Monetary Board.Sec. 16. Effectivity. These rules shalltake effect immediately. They shall bepublished in a newspaper of generalcirculation in the Philippines and in theOfficial Gazette.Manila, Philippines, 09 July 1973.(SGD.) ARCADIO E. YABYABINSecurities and Exchange CommissionerAPPROVED:(SGD.) TROADIO T. QUIAZON, JR.Acting Secretary of TradeDate: 13 July 1973Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-18 - Page 5