The Securities and Exchange Commission has penalized six local stock brokerage houses, citing failure to comply with requirements under the 2015 implementing rules and regulations of the Securities Regulation Code, some provisions of which are still being disputed in court.
In a press statement on Thursday, the SEC said it had started imposing sanctions on non-compliant brokers and so far sanctioned six, namely: Equitiworld Securities Inc., First Orient Securities Inc., IGC Securities Inc., Regina Capital Development Corp/, SJ Roxas & Co. Inc., and The First Resources Management and Securities Corp.
The SEC also issued “stern warning that heavier sanctions maybe imposed on them if they continue to violate the regulatory requirements.”
These SEC said notices had been issued by its markets and securities regulation department to the presidents of these Philippine Stock Exchange trading participants.
