SEC Fines Philippine Stock Exchange for Policy Violation

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By Zinnia B. Dela Peña (The Philippine Star)

MANILA, Philippines - The Securities and Exchange Commission has upheld the P65,000 fine imposed against the Philippine Stock Exchange for violating its own disclosure rules.

The PSE said it received a letter from the SEC dated July 5, saying its request for reconsideration of the penalty has been denied.

The imposition of the penalty stemmed from the bourse’s failure to comply with Sec. 17.2(a) of the PSE Disclosure Rules pertaining to the submission of consolidated financial reports.

In particular, the PSE failed to submit on time a complete 2011 consolidated financial report covering its subsidiaries and operating units.