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SEC cracks down on non-compliant stockbrokers
« on: August 20, 2016, 06:34:46 AM »
SEC cracks down on non-compliant stockbrokers
By Joseph Albert A. Gamboa

MANILA, Aug. 19 (PNA) -- The Securities and Exchange Commission (SEC) has started penalizing stockbrokers for failure to comply with the requirements imposed under the 2015 implementing rules and regulations (IRR) of the Securities Regulation Code.

So far, six brokerage firms have been sanctioned by the SEC. These are: Equitiworld Securities Inc., First Orient Securities Inc., IGC Securities Inc., Regina Capital Development Corp., SJ Roxas & Company Inc., and The First Resources Management and Securities Corp.

All six are trading participants in the Philippine Stock Exchange (PSE) whose presidents and compliance officers have been issued notices by the SEC's Markets and Securities Regulation Department.

Citation letters stated that brokers failed to submit new requirements prescribed under the IRR, which took effect last Nov. 15.

Violations include non-submission of risk management and internal control procedures; business continuity and disaster recovery plan; comprehensive information technology plan; updated written supervision and control procedures; and copies of proposed contract of outsourced activities or services.

Penalties imposed on the erring brokers ranged from PHP30,000 to PHP60,000, with a stern warning that heavier sanctions may be imposed on them if they continue to violate the regulatory requirements.

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