Omnibus Rules and Regulations for Investment Houses and Universal Banks

July 23, 2002OMNIBUS RULES AND REGULATIONS FOR INVESTMENT HOUSES AND UNIVERSAL BANKS REGISTERED AS UNDERWRITERS OF SECURITIESWhereas, Presidential Decree No. 129, as amended, otherwise known as "The Investment Houses Law" governs the establishment, operation and regulation of Investment Houses; SEDIaHWhereas, to effectively carry out the provisions of P.D. 129, the Commission promulgated the Basic Rules and Regulations to Implement the Provisions of P.D. 129 on July 9, 1973;Whereas, the said rules and regulations have become outdated due to recent significant changes in the securities regulation landscape through the enactment of various laws, rules and regulations dealing with Investment Houses, andWhereas, under the General Banking Law of 2000 (R.A. 8791) and its predecessor, the General Banking Act (R.A. 337), Universal Banks are authorized to perform the activities of Investment Houses,Whereas, under SEC Memorandum Circular No. 01, Series of 1996, reiterated in SEC Resolution No. 60, Series of 2000 and in the Memorandum of Agreement between the Commission and the Bangko Sentral ng Pilipinas signed on 07 June 2001, all universal banks are required to register with...