Providing For The Automatic Listing Of Securities In All Stock Exchanges
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Providing For The Automatic Listing Of Securities In All Stock Exchanges
Presidential Decree No. 167
April 2, 1973
Case Overview and Summary
Presidential Decree No. 167Automatic Listing of Securities in All Stock Exchanges
- Promotes wider distribution of property ownership and profits (Preamble)
- Stock exchanges facilitate public participation in business, industry, natural resource development, and capital formation (Preamble)
- Previously, trading was limited to exchanges chosen by issuing companies (Preamble)
- To encourage diffusion of property ownership and profits, and protect investors, securities should be tradable at investors' choice of exchange (Preamble)
Provisions:
- Securities approved by SEC for listing on any stock exchange are automatically listed for trading on all stock exchanges in the Philippines (Section 1)
- Exception: New exchanges without necessary facilities and competence as determined by SEC (Section 1)
- SEC can deny or revoke automatic listing on any exchange for grounds provided in Securities Act Section 12, after notice and hearing (Section 1)
- SEC can suspend automatic listing pending hearing (Section 1)
- SEC to promulgate rules and regulations with approval of Secretary of Trade and Tourism (Section 2)
- Repeals or modifies conflicting laws, rules, or regulations (Section 3)
- Effective immediately (Section 3)
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Executive Issuances
Presidential Decrees
automatic listing
securities
stock exchanges
property ownership
profits
public participation
business
industry
natural resources
capital formation
economic development
investing public
investor protection
Securities and Exchange Commission (SEC)
listing requirements
trading facilities
competence
revocation
suspension
Securities Act
notice and hearing
rules and regulations
Secretary of Trade and Tourism
repealing clause
effective date
Law
Providing For The Automatic Listing Of Securities In All Stock Exchanges
Presidential Decree No. 167
•April 2, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 167 April 2, 1973
PROVIDING FOR THE AUTOMATIC LISTING OF SECURITIES IN ALL STOCK EXCHANGES
WHEREAS, it is the declared policy of the State, embodied in the New Constitution, to promote the wider distribution of property ownership and profits;
WHEREAS, the stock exchanges provide the best possible means not only for the broadening of public participation in business, industry, and in the development of our natural resources, but also for the capital formation so necessary for our economic development;
WHEREAS, trading in securities has so far been limited to the exchanges designated or chosen by the issuing companies;
WHEREAS, to encourage and facilitate the diffusion of property ownership and profits, and for the protection of the investing public, investors should be given the opportunity to buy and sell securities at the stock exchanges of their choice;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers in me vested by the Constitution as Commander-in-Chief of all the Armed Forces of the...
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