March 27, 2015
SEC-MRD * OPINION
Tradition Financial Services Philippines, Inc.
24/F Tower 1, The Enterprise Center 6766, Ayala Avenue
Corner Paseo de Roxas, Makati City 1226
Fax: 02-889-8209
Attention: Board of Directors
Gentlemen :
This refers to the letter of Tradition Financial Services Philippines, Inc. ("Tradition" or the "company") dated 26 March 2015, signed by its Director-Corporate Secretary Lorna Patajo-Kapunan and Director Irene Joy Besido-Garcia, praying that the suspension of license of Tradition be lifted.
Pursuant to the suspension order dated 18 March 2015 issued by the Department, the Certificate of Registration as Voice Broker in Government Securities and Permit to Operate as Voice Broker in Government Securities of Tradition was suspended for at least five (5) days beginning 19 March 2015 and until such time that the company is able to comply with the requirements of SEC Memorandum Circular No. 16, Series of 2004, otherwise known as the Risk Based Capital Adequacy (RBCA) Rules or "RBCA Rules".
Background and Discussions
In support of its request for the lifting of suspension order, the company submitted the following documents:
1. Subordinated Loan Agreement between Tradition and...
