March 16, 1971
CBP MEMORANDUM
| TO | : | Authorized Security Dealers |
| SUBJECT | : | Transactions Abroad in Philippine Securities |
Pursuant to the provisions of Monetary Board Resolution No. 424 dated March 16, 1971, the following regulations governing transactions abroad in Philippine securities are hereby promulgated: digest
1. Authorized security dealers are authorized to issue, for and on behalf of the Central Bank, licenses authorizing the sale and export to nonresidents abroad of Philippine securities belonging to residents, which securities are listed and traded in the Manila and Makati Stock Exchanges, and the reinvestment abroad of the proceeds of such sale in Philippine securities belonging to nonresidents, as well as the import into the Philippines of such Philippine securities, subject to the following conditions:
a. The sale and export abroad to nonresidents of the Philippine securities and the purchase abroad of the Philippine securities from nonresidents for account of the Philippine resident concerned shall be effected only through the authorized security dealer licensing the transaction and the latter's correspondent broker abroad.
b. The proceeds of the sale abroad of the Philippine securities shall be...
