August 9, 1974
CBP MEMORANDUM
TO : Authorized Agent Banks No. 89-74
REGULATIONS GOVERNING SWITCHING IN SECURITIES TRANSACTIONS AUTHORIZED UNDER CIRCULAR 365
The following regulations governing switching of foreign cash investments in CB-approved securities listed in the local stock exchanges, authorized under Central Bank Circular 365 as implemented by Memorandum to Authorized Agent Banks and Authorized Security Dealers dated March 26, 1973, are hereby promulgated:
1. Non-resident investors in CB-approved Philippine securities may engage in single or multiple stock switch transactions of their foreign cash investments which are duly registered under the provisions of Circular 365. Switch transactions may be done either thru the same authorized security dealer thru whom the investment was registered or thru other authorized security dealers.
2. The fifteen-day time limit prescribed in paragraph 4-b-2-ii of Central Bank Memorandum to All Authorized Agent Banks, Stock Brokers and Dealers and Stock Transfer Agents and Registrars dated December 26, 1969 shall not apply to the switch transactions contemplated in this Memorandum. dctai
3. Pending the re-investment of the proceeds of sale of the registered investment, said peso proceeds shall, at...
