August 25, 1987
SEC-BED * MEMORANDUM CIRCULAR NO. 11-87
TO | : | All Commodity Futures Brokers/Dealers/Advisors/Salesmen |
For better supervision of the commodity futures industry, the following directives shall be strictly complied with: prcd
1. Henceforth, all applications for opening of branch/extension offices of commodity futures brokers/dealers/advisors shall be initially filed with the Manila International Futures Exchange, Inc. (MIFE) which shall, after evaluation, endorse the same to the SEC for appropriate action; and
2. Henceforth, all applications for licenses of account executives who passed the examinations for commodity futures salesmen shall be coursed through the Commodity Futures Brokers Association of the Philippines (CFBAPI), which shall, after evaluation and clearances, endorse the same to the Securities and Exchange Commission for appropriate licensing.
In both cases, filing fees and other requirements of the Commission shall likewise be observed. cdrep
(SGD.) MONICO V. JACOB
Associate Commissioner