Amending Further Presidential Decree No. 129, As Amended, Otherwise Known As "The Investment Houses Law"
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Amending Further Presidential Decree No. 129, As Amended, Otherwise Known As "The Investment Houses Law"
Presidential Decree No. 1797
January 16, 1981
Case Overview and Summary
Summary of Presidential Decree No. 1797Amendments to the Investment Houses Law
- Consultation with the Monetary Board of the Central Bank of the Philippines (Section 1)
• The Securities and Exchange Commission (SEC) shall consult with and act pursuant to the recommendation of the Monetary Board of the Central Bank of the Philippines in determining compliance with the capitalization requirements for investment houses.
- Minimum Initial Paid-in Capital (Section 2)
• The minimum initial paid-in capital for any investment house shall be Twenty Million (P20,000,000) Pesos.
• The Monetary Board of the Central Bank may prescribe a higher minimum capitalization if warranted by the circumstances.
- Penalties for Violation (Section 3)
• If an investment house violates or fails to comply with the provisions of the Decree, other relevant laws, terms or conditions of its registration or charter, or orders, decisions, rulings or regulations issued by the SEC, the SEC shall impose and collect a fine of not exceeding two hundred (P200.00) pesos per day for every day during which such violation or non-compliance continues, and/or suspend its certificate of registration.
• The officer or director of the investment house who ordered or authorized the violation or non-compliance shall be solidarily liable.
• The fine shall be paid to the Government of the Philippines through the SEC.
- Repealing Clause (Section 4)
• All laws, decrees, rules and regulations inconsistent with this Decree are hereby repealed or modified accordingly.
- Effectivity (Section 5)
• This Decree shall take effect immediately.
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Executive Issuances
Presidential Decrees
Investment Houses
Securities and Exchange Commission
Monetary Board
Central Bank of the Philippines
Capitalization Requirements
Minimum Paid-in Capital
Penalties
Violations
Non-compliance
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Amending Further Presidential Decree No. 129, As Amended, Otherwise Known As "The Investment Houses Law"
Presidential Decree No. 1797
•January 16, 1981
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 1797
AMENDING FURTHER PRESIDENTIAL DECREE NO. 129, AS AMENDED, OTHERWISE KNOWN AS "THE INVESTMENT HOUSES LAW"
WHEREAS, there must be greater cooperation among governmental agencies to ensure the accomplishment of desired objectives;
WHEREAS, there is a need to provide flexibility to government authorities in setting the capitalization requirement for investment houses in order to enhance the capability of the latter to compete and to finance the requirements of economic development;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order as follows:
Section 1. The third paragraph of Section 4 of Presidential Decree No. 129, as amended, is hereby amended to read as follows:
In determining compliance with the provisions of subsections (b) and (c) above, the Securities and Exchange Commission shall consult with and act pursuant to such recommendation as the Monetary Board of the Central Bank of the Philippines may make.
Section 2. Section 8 of the same...
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