June 9, 2010
SEC-MRD OPINION
Philippine Stock Exchange Inc.
PSE Center
Exchange Road
Pasig City
Fax: 634-5113
Attention: Mr. Val Antonio B. Suarez, COO
Gentlemen :
This refers to the Exchange's explanation dated 12 February 2010 to the * this Department's show cause letter of 3 February 2010 on PSE's failure to inform the Commission of the imposition of penalties on listed companies for the period covering 2005 to 2008.
In its letter, PSE explained that the PSE Disclosure Department submitted to the Commission the reports on penalties imposed on participants from 2005 to April 2006. For the period covering May 2006 to 2008, the PSE admitted its failure to submit the required reports and apologized for such failure and promised to submit the required reports on monthly basis.
Be informed that the Commission in its meeting on 20 May 2010 resolved to:
1. ACCEPT the apology of PSE for its failure to submit the reports from May 2006 to 2008.
2. DECLARE PSE to have violated Section 40.4 of the Securities Regulation Code and SRC Rule 39.1 (H) (iv) for failure to promptly notify SEC of...