Amendments to the Rules Fixing the Amount of Paid-Up Capital Stock of Stockbrokers/Dealers and Their Surety Bonds

September 15, 1987SEC-BED * MEMORANDUM CIRCULAR NO. 13-87TO:All ConcernedSUBJECT:Amendments to the Rules Fixing the Amount of Paid-Up Capital Stock of Stockbrokers/Dealers and their Surety Bonds For your information and compliance, hereunder quoted are the amendments to subject Rules, the rest of the provisions thereof remain unrevised: LexLib"1. Henceforth every person applying for a license to act as stock broker/dealer must have a paid-up capital of at least THREE MILLION (P3,000,000.00) PESOS. Brokers and dealers who are currently registered or licensed as such but whose paid-up capital are less than P3,000,000.00 may be allowed to continue to operate provided that said paid-up capital shall on or before December 31, 1987 be increased to P2,000,000.00 and on or before June 30, 1988 be increased to P3,000,000.00. All required paid-up capital in cash or property herein treated shall at all times be kept unimpaired. The SEC shall pass upon the acceptability of properties contributed as part of paid-up capital. In no case however shall properties not related to the brokerage business be allowed as paid-up capital."(SGD.) JULIO A....