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MANILA - The Securities and Exchange Commission has denied the request of the Philippine Stock Exchange to reconsider its penalty arising from violation its own disclosure rules.
"The Commission, however, granted the request of the Exchange to discuss and harmonize the procedures in the enforcement of the Disclosure Rules," the SEC said in a letter to the local bourse dated July 5.
Last month, the PSE said it would settle the fine imposed for violating disclosure rules and would pursue discussions with the SEC on how to "harmonize interpretations and policies of both regulators."
In May, the PSE was slapped a P65,000-penalty, including a basic fine of P50,000 and a daily fine of P5,000, for the late submission of its annual report, violating Section 17.2 A of the PSE Disclosure Rules.
Companies are required to submit their respective annual reports using SEC Form 17-A within 105 days after the end of the fiscal year.
In a letter dated May 21 to the SEC, the bourse said the delay in the submission of the consolidated financial statement was due to the "belated discovery" that it was not attached to the original annual report, which only included the parent company's financial statement.
The PSE said it immediately notified the SEC-Market Regulation Department regarding the matter and filed a supplemental annual report with the consolidated financial statement.
The bourse requested "consideration and leniency" because it was the first time that it failed to attach the consolidated financial statement to its annual report, citing the "good faith" shown by the PSE in immediately notifying the Commission about the matter and its immediate action to file the supplemental report.
The corporate regulator found the explanation the PSE provided as "inadequate," citing its failure to comply with the requirements for filing an annual report.
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