December 1, 2010
SEC-MRD OPINION
Philippine Stock Exchange Inc.
Exchange Plaza
Ayala Avenue
Makati City
Fax: 891-9004
Attention: Atty. Aissa V. Encarnacion, Corporate Secretary
Atty. Joselito V. Banaag, General Counsel
Gentlemen :
As early as 30 July 2010, the Market Regulation Department of the SEC, informed the PSE of its findings that the appointment by the PSE Board of Atty. Val Antonio B. Suarez as PSE President and CEO violates Section 33.2 (h) of the Securities Regulation Code (SRC). Considering that Atty. Suarez's wife is currently a top official, director, stockholder and registered salesman of a brokerage firm, Atty. Suarez is indirectly associated with a broker.
MRD's findings and PSE's response were reported to the Commission en banc, and acting on the same, the Commission in its meeting on 12 August 2010 adopted the following resolution:
SEC RES. No. 367, s. of 2010
"RESOLVED, To DIRECT MRD to inform PSE in writing that the Commission is maintaining its position that PSE has violated Section 33.2 (h) of the SRC with the appointment of Atty. Val Antonio Suarez as PSE President, and that this position is without...
