Rules Fixing the Amount of Paid-Up Capital of Stock Brokerage Firms and Their Surety Bonds

October 9, 1973RULES FIXING THE AMOUNT OF PAID-UP CAPITAL OF STOCK BROKERAGE FIRMS AND THEIR SURETY BONDSIn the public interest and for the protection of investors, the Securities and Exchange Commission, pursuant to the powers vested in it under Section 33 of Commonwealth Act No. 83, otherwise known as the Securities Act and Section 1(f) of Republic Act No. 1143, hereby promulgates the following rules:1. Every person applying for a license to engage as a stock broker and dealer must have a paid-up capital of at least ONE MILLION (P1,000,000.00) PESOS. Brokers and dealers who are currently registered or licensed as such but whose paid-up capital are less than P1,000,000.00 may be allowed to continue to operate until the expiration of their licenses on December 31, 1974, but renewal thereof for the year 1975 and thereafter shall not be allowed until their paid-up capital shall have been increased. LexLib2. The amount of surety bonds required to be filed pursuant to Section 14 of Commonwealth Act No. 83 by stock brokers and dealers is fixed at...