PSE penalizes 9 brokers
The Philippine Stock Exchange, through its Capital Markets Integrity Corp., imposed sanctions on nine stockbrokers for their failure to comply with securities rules.
Sanctioned were AP Securities, Salisbiry BKT Securities, Unicapital Securities, Abacus Securities, IGC Securities, Lucky Securities, Papa Securities, PCCI Securities and Timson Securities.
AP, Abacus, IGC, Lucky and Papa were fined for minor violation of the rule on customer account information.
Salisbury and AP were slapped with a penalty for violating the ethical standards rule while Unicapital was fined for major violation involving risk-based capital adequacy requirements
PCCI and Timson were penalized for a minor violation of the rules involving give-up/take-up transactions
The CMIC’s mandate is to maintain the integrity of the stock market and minimize the risk to the investing public by ensuring that trading participants or brokers adhere to the rules. (Eileen Mencias)