September 14, 2017
SEC EN BANC CASE NO. 03-17-423
SAVINGS AND LOAN ASSOCIATION OF P&G PHILS. EMPLOYEES, INC. (PECA), appellant, vs. COMPANY REGISTRATION AND MONITORING DEPARTMENT, appellee.
RE : Violation of Memorandum Circular No. 08, Series of 2009
DECISION
For the consideration of the En Banc is a Memorandum of Appeal 1 filed on 3 March 2017 by Appellant SAVINGS AND LOAN ASSOCIATION OF P&G PHILS. EMPLOYEES, INC. (PECA), praying that the En Banc reverse the Letter-Orders of the Commission's COMPANY REGISTRATION AND MONITORING DEPARTMENT (CRMD), dated 7 August 2015 and 22 January 2016 wherein CMRD imposed a Fine for material misstatement 2 in PECA's 2013 Audited Financial Statements.
RELEVANT FACTS
PECA is a duly-registered Corporation (SEC Registration No. 0000039904), whose purpose 3 is the "operation of a non-stock savings and loan association." As with all corporations, PECA is obligated to submit its annual Audited Financial Statements (AFS) to the Commission. Section 68 of the Securities Regulation Code (SRC) authorizes the Commission to "make, amend, and rescind such accounting rules and regulations as may be necessary to carry out the provisions...
