MORNBFI Vol. 1 - Planters Development Bank

APP. Q-1908.12.31Sec. 14. Periodic Reports - Every financingcompany shall file with the Commission thefollowing quarterly reports: a) Statement ofCondition and Statement of Income andExpenses, together with the schedule ofaging of receivables (indicating thematurity pattern of the aforesaid receivablesunder due within 1 year, due over 1 yearto be applicable to long term receivablesonly, past due accounts to subdividedfurther to past due accounts within 1 year,over 1 year and litigation items), payable(indicating likewise the same maturingpattern of within 1 year and over 1 year)and off-balance sheet items; Provided,however, That respective collateral/s (ifany) for past due accounts over 1 year andlitigation items shall be adequatelydisclosed in the aforementioned Schedulesand b) list of officers, directors, andstockholders. These reports shall be signedunder oath by the company's principalexecutive officer and principal financialofficer and shall be submitted within thirty(30) calendar days after the end of eachquarter. They shall, likewise, file four (4)copies of their audited financial statementswithin 120 days after the end of their fiscalyears and such other reports as may berequired by the Commission.Sec. 15. Administrative Sanctions - If theCommission finds that there is a violationof these Rules and Regulations and theirimplementing circulars or any of the termsand conditions of the Certificate of Authorityto operate as a financing company, or anyCommission order, decision or ruling, orrefuses to have its books of accountsaudited, or continuously fail to comply withSEC requirements, the Commission shall, inits discretion, impose any or all of thefollowing sanctions:a. Suspension or revocation of thecertificate of authority to operate as afinancing company after proper notice andhearing;b. A fine in accordance with theguidelines that the Commission shall issuefrom time to time;c. Other sanctions within the powerof the Commission and the Central Bankunder existing laws.The imposition of the foregoingadministrative sanctions shall not precludethe institution of appropriate action againstthe officers and directors of the financingcompany or any person who might haveparticipated therein, directly or indirectly,in violation of R. A. No. 5980, as amended,and these Rules and Regulations.Sec. 16. Cease and Desist Order - TheCommission may, on its own motion orupon verified complaint of any aggrievedparty, issue a Cease and Desist Orderex-parte, if the violation(s) mentioned in thepreceding sections may cause grave orirreparable injury to the public or mayamount to culpable fraud or violation ofthese Rules and Regulations, implementingcirculars, certificates of authority issued bythe Commission, or of any order, decisionor ruling thereof.The issuance of such Cease and DesistOrder automatically suspends the authorityto operate as a financing company.Immediately upon the issuance of anex-parte Cease and Desist Order, theCommission shall notify the partiesinvolved and schedule a hearing onwhether to lift such order or to imposeadministrative sanctions provided for inSection 16 not later than fifteen (15) daysafter service of notice.Sec. 17. Transitory Provision - Anycorporation/partnership at the time of theeffectivity of these Rules has beenregistered and licensed by the Commissionto operate as a financing company, shallbe considered as registered and licensedunder the provisions of these Rules, subjectto the terms and conditions of the license,Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-19 - Page 7