December 30, 2003
RULES GOVERNING THE TRADING OF PSE SHARES
1. (a) A broker dealer shall be prohibited from buying PSE shares for its own account or for the principal account of another broker dealer (i.e., done through transaction) until such time that the brokers and dealers, as a business industry, are in compliance with the 20% Rule on industry ownership. Even after the broker dealer industry is already in compliance with the 20% Rule, the moratorium should automatically set in whenever the benchmark is breached;
(b) The prohibition stated in the first paragraph of this section shall likewise apply in the purchase of PSE shares for the accounts of related persons of a broker dealer, which shall include its subsidiaries and affiliates, and its directors, officers, principal stockholders, and nominees to the PSE, and the spouses and relatives up to the 4th civil degree by affinity or consanguinity thereof.
2. (a) The prohibition under 1 (b) need not apply where the acquisition is with prior authority of the SEC upon proof that the purchaser is not under the...
