In re Royale Tagaytay Country Club, Inc. v. Investor Protection and Surveillance Department

December 1, 2017SEC EN BANC CASE NO. 07-13-295IN THE MATTER OF ROYALE TAGAYTAY COUNTRY CLUB, INC., Represented by its General Manager Mr. Ruben B. Encinas, appellant, vs. INVESTOR PROTECTION AND SURVEILLANCE DEPARTMENT, appellee.DECISIONThis resolves the appeal of Royale Tagaytay Country Club, Inc. (Royale Tagaytay) from the letter-order of the Investor Protection and Surveillance Department (IPSD), now Enforcement and Investor Protection Department, dated 11 June 2013. 1 Royale Tagaytay filed its Manual in Corporate Governance (Manual) on 22 January 2013. 2 Subsequently, in a letter dated 17 April 2013, IPSD imposed a penalty of P114,000.00 for late filing of its Certificate of Compliance with the Manual of Corporate Governance (CECMGC), and reprimand for non-filing of its Certificate of Attendance of Directors in Meeting of the Board of Directors (CADBM). 3 Royale Tagaytay then filed a letter of reconsideration, 4 which was denied by IPSD. 5 A second Motion of Reconsideration 6 was also denied by IPSD on 11 June 2013. 7 Hence this appeal. Sections 15 and 16 of SEC Memorandum Circular No. 3, Series of...