October 10, 2017
SEC EN BANC CASE NO. 07-11-241
SUMITOMO METAL MINING PHILIPPINE HOLDINGS CORPORATION, petitioner, vs. CORPORATION FINANCE DEPARTMENT, respondent.
DECISION
This refers to SUMITOMO METAL MINING PHILIPPINE HOLDINGS CORPORATION's (SMMPH) appeal from the CORPORATION FINANCE DEPARTMENT's (CFD) Order dated 7 July 2011 denying reconsideration of the penalty imposed against SMMPH for second violation of Rule 23 of the 2004 Implementing Rules and Regulations of the Securities Regulation Code (SRC Rules).
SRC Rule 23 implemented Section 23 of the Securities Regulation Code 1 (SRC). SRC Rule 23 provides, in part:
SRC Rule 23 — Reports to be Filed by Directors, Officers and Principal Stockholders
1. Every person who is directly or indirectly the beneficial owner of ten percent (10%) or more of any class of any security of a company which satisfies the requirements of Subsection 17.2 of the Code, or who is a director or an officer of the issuer of such security, shall:
A. within ten (10) days after the effective date of the registration statement for that security, or within ten (10) days after he becomes such beneficial...
