MALACAÑANG
M a n i l aPRESIDENTIAL DECREE No. 282 August 30, 1973
AUTHORIZING STOCK TRANSACTIONS BY MEMBERS OF AN OPERATING STOCK EXCHANGE THROUGH MEMBERS OF ANY OTHER OPERATING STOCK EXCHANGES WHEN NECESSARY TO EXECUTE CUSTOMERS' ORDERS
WHEREAS, the purchase and sale of sizable block of securities require time if done only in one stock exchange, particularly if the market is not bullish. Moreover, it tends to weaken the price of the security;
WHEREAS, the best interest of the seller and the buyer of securities will be served if more than one broker handle the transaction if the same is carried out in any or all the operating stock exchanges; and
WHEREAS, to infuse more interest among investors in the stock market and help create a healthier investment climate, it is necessary that transactions affecting listed securities be spread out among as many people as could handle the same profitably with a view to promoting an active market and not dampen it.
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of...
Details
Amends
n/a
Amended by
n/a
Presidential Decrees
Authorizing Stock Transactions By Members Of An Operating Stock Exchange Through Members Of Any Other Operating Stock Exchanges When Necessary To Execute Customers' Orders
Presidential Decree No. 282
Summary of Presidential Decree No. 282
Authorizing Stock Transactions Across Multiple Stock Exchanges
- To facilitate efficient execution of large securities transactions (Section 1)
- Brokers from one stock exchange can execute orders through brokers of other stock exchanges when necessary to serve customers' interests (Section 1)
- Customers shall not pay more than the authorized commission (Section 1)
- Executing brokers must submit a report to the Securities and Exchange Commission (SEC) (Section 1)
- SEC is authorized to promulgate rules and regulations to implement the decree (Section 2)
- SEC can impose fines, suspend or revoke licenses for violations (Section 2)
- All laws, decrees, rules or regulations conflicting with this decree are repealed or modified accordingly (Section 3)
- The decree takes effect immediately (Section 4)
Authorizing Stock Transactions Across Multiple Stock Exchanges
- To facilitate efficient execution of large securities transactions (Section 1)
- Brokers from one stock exchange can execute orders through brokers of other stock exchanges when necessary to serve customers' interests (Section 1)
- Customers shall not pay more than the authorized commission (Section 1)
- Executing brokers must submit a report to the Securities and Exchange Commission (SEC) (Section 1)
- SEC is authorized to promulgate rules and regulations to implement the decree (Section 2)
- SEC can impose fines, suspend or revoke licenses for violations (Section 2)
- All laws, decrees, rules or regulations conflicting with this decree are repealed or modified accordingly (Section 3)
- The decree takes effect immediately (Section 4)