Fines and Penalties for Violations of Clearing and Settlement Rules

May 5, 2000PSE MEMO FOR BROKERS NO. 101-00FOR:All Member Brokers   RE:Fines and Penalties for Violations of Clearing and Settlement Rules This has reference to Memo For Brokers No. 97-2000 dated April 17, 2000 regarding the letters of the SEC Chairman on various SCCP issues. In this connection, please be informed that effective Monday, May 8, 2000 the Philippine Stock Exchange will cease imposing fines and penalties for violations of clearing and settlement rules, in view of the fact that this authority/responsibility has now been given to the Securities Clearing Corporation of the Philippines, Inc. by virtue of the aforementioned SEC letters. Please be guided accordingly.(SGD.) JOSE G. CERVANTESChief Operating Officer