FastLegacy Marketing International Inc. and Hyun Lee Scofield a.k.a. Johnny Scofield

Securities and Exchange Commission Republic of the Philippines Department of Finance

In the matter of: FASTLEGACY MARKETING INTERNATIONAL INC.and HYUN LEE SCOFIELD a.k.a. JOHNNY SCOFIELD

SEC CD0 Case No. 03-17-040

ENFORCEMENT AND INVESTOR PROTECTION DEPARTMENT, Movant.

CEASE AND DESIST ORDER

filed, on 06 March 2017, by the Enforcement and Investor Protection Department (EIPD) praying that FASTLEGACY MARKETING INTERNATIONAL, INC. (FASTLEGACY) and HYUN LEE SCOFIELD a.k.a. JOHNNY SCOFIELD2 and This resolves the Motion for Issuance of Cease and Desist Orderi (Motion)

their representatives/agents be enjoined from selling and/or offering for sale securities in the form of investment contracts until the requisite registration statement is duly filed with, and approved by, the Commission and the corresponding license to offer/sell is issued.

FASTLEGACY is a stock corporation registered with the Commission on 10 August 2016 with Company Registration No. PG201618043.3 Its principal office is located at 250 Sarmiento Homes, Abangan Norte, Marilao Bulacan. However, it has a corporate address at Unit 11N, Tower II, The Eastwood Excelsior, Eastwood City, 1835 Eastwood Ave., Brgy. Bagumbayan, Libis, Quezon

IS: City, Metro Manila. Its primary purpose, as stated in its Articles of Incorporation,

"To engage in business which will provide and market educational advertising activities."4 products online, marketing website, auto responder, ad tracking, and customer support services without mass media and

Guevarra; 2.) Ricardo R. Torres, Jr.; 3.) Hyun Lee Scofield5; 4.) Mariza D. Joson; and 5.) Janelle A. Guevarra. The incorporators of FASTLEGACY are the following: 1.) Pepito G

2 Annex "I" of the Motion wherein it was proven in Annex " of the investigation report that HYUN LEE is also known as 5 Note 2, Supra. 3 Annex "A" of the Motion 4 Annex "B" of the Motion. 1 Dated 03 March 2017 JOHNNY SCOFIELD

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EIPD, on 03 January 2017, received an email reporting that a company named "Fastlegacy Marketing International, Inc." is recruiting investors for profit even without products. The email-sender further informed EIPD that FASTLEGACY is maintaining an office at Unit 11N, Tower II, The Eastwood Excelsior, Eastwood City, Libis, Quezon City.7 The email sender also attached a detailed description of FASTLEGACY's business model.

Facebooki2, Twitter, Instagram, Pinterest, Tumblr, Lindkln and others to promote its investment scheme and solicit investments. FASTLEGACY's business activities. Upon initial investigation, EIPD determined youtube.com11. Further, FASTLEGACY is using social media platforms such as that FASTLEGACY is promoting its business with its website - fastlegacy.com9. FASTLEGACY also advertises in blog.wordpress.com1 and has presentations in This prompted EIPD to conduct a verification and investigation on

subscription package for an initial monthly payment of Php 2,000.00. This subscription package comprises of tools and products which will aid the investor-subscriber in the online selling of products such as video tutorials13 These presentations show that FASTLEGACY offers investors a

fusion bars (soap bar)14, and collagen products. These tools are the following:

for by FastLegacy. The online back office would cost the investor. 1. The Back Office. The back office is a website owned and provided

subscriber some amount of money to put up. With the free online back office the investor-subscriber can monitor all the sale referrals and commissions that he will earn.

2. FastLegacy also provides a Marketing Website that will do the selling and explaining for the subscriber.

3. There is also a Capture Page which can retain the names and emails of prospects which will be used by the system to do follow- uos.

subscribing with the company. 4. There is also a built-in follow-up system which adheres to a follow-up sequence in maintaining contact with prospects. This follow up system was designed to excite prospects with the idea of

5. Ad tracking enables the subscriber to monitor how many persons clicked-on or viewed the subscriber's advertisements online.

6 Annex "C" of the Motion. 8 Annexes "D" to "I" of the Motion 11 Annex "K" of the Motion: a compact disc containing 2 video presentations of FASTLEGACY. Classified; Pay Per Click: :Light SEO; Relationships; Health Annex "K" of the Motion. 9 Annexes "D" to "J-17" of the Motion. 10 Annexes "J" to "J-17" of the Motion. 12 Annexes "L" to "M" of the Motion. 13 Education: Mindset/Motivational: Article Marketing: Press Release Marketing: Social Marketing: Tax Sheltering: Online 14 Annex "J-10" of the Motion. I bid

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6. Follow-up reminder system enables the subscriber affiliate to know the prospects who should be pursued.

7. 24/7 Affiliate Support Services is an assistance team provided by FastLegacy to investor-subscriber inquiries if ever there is any problem.

8. Seminars and Conferences will also be provided to subscribers or so called affiliates to help them in their online business.

9. Leadership Support and Training will also be provided to subscribers/affiliates to aid them in making their business grow.

10. Access to Health Products - an investor-subscriber has the option to buy or sell high quality health products. However, selling and buying of products are not compulsory.

11. Educational Video Vault - This is where several educational and training videos are being offered for sale to the public.

12. Facebook Group Page Community - A subscriber or affiliate

community group page and have a chance to be friends with successful and like-minded individuals who are in the group and be able to obtain tips and tricks in running a successful business.15 would also be able to access FastLegacy's Facebook private

Once an investor-subscriber is convinced of the earning potential of the subscription package, he can simply join by following three (3) easy steps: 1.) subscribing through FASTLEGACY's website; 2.) watching and learning the video

FASTLEGACY link through social media platforms and advertisement sites.16 Furthermore, the investor-subscriber's monthly payments for subscription will be taken from the promised earnings. trainings on how to start a Fast Legacy Online Business; and 3.) sharing the

ways17, to wit: With the said tools, the investor-subscriber can earn profits in six (6)

1. Retailing (Non-compulsory) - selling of products with a promised

earnings up to 67% Retail Sales Profit;

2. Direct Subscriber Rewards - the investor-subscriber will receive Php

1,000.00 every month for every new Direct Affiliate recruited, for example:

15 Pages 2-3 of Annex "O" of the Motion. 17 Note 8. Supra. 16 Note 5, Supra

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Investor-subscriber

Direct Affiliates

Php1,000 Php1,000 Php1,000

3.2nd/3rd Tier Subscriber Rewards -for every new Affiliate recruited by

the investor-subscriber's direct Affiliate, the investor-subscriber receives Php 500.00 every month; for every new Affiliate recruited by the 2nd Tier, the investor-subscriber will receive Php 100.00 every month, for example:

Investor-subscriber

Direct Affiliates

2nd Tier

Php 500 Php 500

3rd Tier Php 100 Php 100 4. Personal Product Cash Rebates - every time an investor-subscriber makes a personal product purchase, he receives a cash rebate of 10%;

5. Two Tier Product Overrides - every time the investor-subscriber's

Direct Affiliates make a purchase of any of the health products in their (affiliates) own back office, the investor-subscriber receives an override commission on the points of each product;

6. Company-wide Bonus Pool - 7% of the total points (with monetary

equivalent) of all purchased products sold to all FASTLEGACY affiliates worldwide is placed in the Company Share Pool and distributed among all qualifying affiliates (up to 5 shares).

The presentations further show that FASTLEGACY entices the public that they could earn thousands of pesos in a month or over a million pesos in a year as long as they could recruit new investor-subscribers. This is because the Direct, 2nd and 3rd Tier Subscriber Rewards provide unlimited monthly earnings depending on the number of recruits. FASTLEGACY even provides an Online Income Calculator18 so that the investor-subscriber may determine his potential monthly income, for example:

1.) if an investor-subscriber recruits three (3) Direct Affiliates and each of

these affiliates also recruits another three (3) new investor-subscriber

18 Note 8 Supra.

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(3rd Tier), the original investor-subscriber has a potential monthly earning of:

Month 11 Month 12 Month 1 Month 10 Month 3 Month 4 Month 5 Month 6 Month 7 Month 9 Month 2 Month 8 Month 1,102,200 136980 Amount 263,700 111,000 177,000 373,800 510,000 675,000 871,500 10,200 30,300 63,000

2.) if an investor-subscriber recruits ten (10) Direct Affiliates and each of

these affiliates also recruits another ten (10) new investor-subscribers (3rd Tier), the original investor-subscriber has a potential monthly earning of:

Month 1 Month 2 Month Amount 160,000 570,000

Month 11 Month 12 Month 10 Month 3 Month 4 Month 5 Month 6 Month 7 Month 9 Month 8 13,880,000 18,840,000 24,850,000 32,010,000 40,420,000 1,330,000 2,540,000 4,300,000 6,710,000 9,870,000

On 06 January 2017, an EIPD team conducted a surveillance operation at

founder of FASTLEGACY in the person of Johnny Scofield who personally FASTLEGACY's office in Eastwood, Quezon City. The team was able to meet the

explained to the team, through a power point presentation, the business model of FASTLEGACY. He explained that FASTLEGACY promises huge profits by merely subscribing to the company. The team confirmed FASTLEGACY's online representations when Mr. Scofield presented the tools19 that FASTLEGACY subscribers get, to wit: 1.) Online Back Office; 2.) Replicated Marketing Website;

Follow-up Reminder System; 7.) 24/7 Affiliate Support Services; 8.) Seminars 3.) Multiple Capture Pages; 4) Built-in Autoresponder; 5.) Ad Tracking; 6.

I 9 Annex *O* of the Motion

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and Conferences; 9.) Leadership and Support Training; 10.) Access to Products and Tutorials.20

On 09 January 2017, FASTLEGACY emailed to the EIPD team its Banco De Oro (BDO) account under the name of Ricardo R. Torres Jr. in which the EIPD team could make their deposits to subscribe.21 Also, attached to the email is a copy of FASTLEGACY's power point presentation, used by Mr. Scofield, showing its business model and how an investor-subscriber can earn by simply subscribing to the company.22

Subsequently, EIPD also secured Certifications23 from the Commission's: (1) Company Registration and Monitoring Department (CRMD), stating that FASTLEGACY was not issued a secondary license as a Broker and/or Dealer of Securities, Dealer in Government Securities, Investment Adviser of an Investment Company, Investment House and Transfer Agent nor is there any pending application for the said secondary licenses; (2) Markets and Securities Regulation Department (MSRD), stating that FASTLEGACY has not registered any securities pursuant to Section 8 and 12 of the Securities Regulation Code (SRC) nor did the Commission issue to FASTLEGACY a Permit to Sell securities; and (3) Corporate Governance and Finance Department (CGFD), stating that FASTLEGACY has not registered issuer of mutual funds including exchange traded funds, membership certificates, time shares and registered but unlisted equity securities under Section 17.2 (a) of the SRC and therefore not licensed to offer or sell such securities to the public.

We now resolve the case on the merits based on the allegations and evidence presented in the Motion.

We find merit in the Motion.

It is declared in the Securities Regulation Code (SRC)24 that:

"Section 2. Declaration of State Policy. -- The State shall establish a socially conscious, free market that regulates itself, encourage the widest participation of ownership in enterprises, enhance the democratization of wealth, promote the development of the capital market, protect investors, ensure full and fair disclosure about securities, minimize if not totally eliminate insider trading and other fraudulent or manipulative devices and practices which

Securities Regulation Code is hereby enacted." create distortions in the free market. To achieve these ends, this

To achieve this mandate, Section 8.1 of the SRC provides that securities

without a registration statement duly filed with, and approved by, the should not be sold or offered for sale or distribution within the Philippines.

23 Annexes "S" "T" and "U" of the Motion. 24 R.A. No. 8799. 20 Annex "C" of the Motion, Note 4. Supra. 22 Annex "R" of the Motion 21 Annex "P" and "Q" of the Motion.

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Commission. In this connection, the SRC defines securities as "shares, participation or interests in a corporation or in a commercial enterprise or profit-making venture and evidenced by a certificate, contract, instrument, whether written or electronic in character"25 and includes an investment contract.26

Exchange Commission27, the Supreme Court explained the origins and concept of In the case of Power Homes Unlimited Corporation v. Securities and

an investment contract, to wit:

"Our definition of an investment contract traces its roots from the

US Supreme Court was confronted with the issue of whether 1946 United States (US) case of SEC v. W.J. Howey Co. In this case, the

the Howey transaction constituted an "investment contract" under the Securities Act's definition of "security." The US Supreme Court, recognizing that the term "investment contract" was not defined by the Act or illumined by any legislative report, held that "Congress was using a term whose meaning had been crystallized" under the state's "blue sky" laws in existence prior to the adoption of the Securities Act. Thus, it ruled that the use of the catch-all term "investment contract" indicated a congressional intent to cover a wide range of investment transactions.It established a test to determine whether a transaction falls within the scope of an "investment contract." Known as the Howey Test,it requires a transaction, contract, or scheme whereby a person (1) makes an investment of money, (2) in a common enterprise, (3) with the expectation of profits, (4) to be derived solely from the efforts of others. Although the proponents must establish all four elements, the US Supreme Court stressed that the Howey Test "embodies a flexible rather than a static principle, one that is capable of

by those who seek the use of the money of others on the adaptation to meet the countless and variable schemes devised

promise of profits." Needless to state, any investment contract

Act, regardless of whether its issuer was engaged in fraudulent covered by the Howey Test must be registered under the Securities

practices."

After Howey came the 1973 US case of SEC v. Glenn W. Turner Enterprises, Inc. et al. In this case, the 9th Circuit of the US Court of Appeals ruled that the element that profits must come "solely" from the efforts of others should not be given a strict interpretation. It held that a literal reading of the requirement

broad protection to the public. Our R.A. No. 8799 appears to follow "solely" would lead to unrealistic results. It reasoned out that its flexible reading is in accord with the statutory policy of affording

contract, transaction or scheme (collectively "contract") whereby a this flexible concept for it defines an investment contract as a

person invests his money in a common enterprise and is led to expect profits not solely but primarily from the efforts of others.

25 Section 3. I., SRC. 26 Section 3. I.(b), Id. 27 G.R.No. 1 64 1 82, 26 February 2008.

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Thus, to be a security subject to regulation by the SEC, an investment contract in our jurisdiction must be proved to be: (1) an investment of monev (2) in a common enterprise, (3) with expectation of profits, (4)_primarily from efforts of others."

Relative to the instant case, EIPD was able to establish the above-quoted elements of an investment contract, to wit:

An investment of money occurs when an investor commits money to an enterprise or venture in a manner that subjects himself to financial loss.28 This is explicit in the video and power point presentations where FASTLEGACY requires its investor-subscribers to place an initial monthly subscription payment of Php 2,000.00. However, if the investor-subscriber does not recruit new affiliates, he would not earn the promised profits.

A common enterprise is deemed created when two (2) or more investors "pool" their resources. Several tests have evolved to determine what constitutes "common enterprise".29 One of these tests is the horizontal commonality approach. Under this test, the determination of whether a transaction satisfies the commonality element of the modified Howey test involves an inquiry into whether the said transaction involves the joint participation of more than one investor in (i) the investment of funds or (ii) the sharing of profits.3o The joint participation by investors in the same investment enterprise, achieved by pooling the invested funds for a common purpose, is required in order to satisfy the common enterprise element.31

2,000.00 into the company. These initial investments are pooled together and managed by the corporation which constitute a common enterprise. Likewise, with their direct, 2nd Tier and 3rd Tier affiliates, place an investment of Php FASTLEGACY's Company-wide Bonus Pool (7% of all products purchase are In the instant case, each of FASTLEGACY investor-subscribers, together

place in a company share pool) is also indicative that the corporation is pooling its resources coming from purchases of investor-subscribers.

the development of the initial investment, or participation in earnings resulting from the use of investors' funds. In FASTLEGACY's scheme, it entices new Profits may be generated from either capital appreciation resulting from

investor-subscribers to place their monies because of potential high returns depending on the number of recruits or downlines. The promised monthly profit

FASTLEGACY even provides an Online Income Calculator to show the potential income an investor-subscriber may earn. Essentially, an investor-subscriber is dependent on the investor-subscriber's number of recruits under his name.

subscribes to FASTLEGACY because of the promised of high returns.

31 sEC vs. Howey. citing Wasnowic v. Chicago Bd. of Trade 352 F Supp 1066. 28 SEC v. International Mining Exchange, Inc., 515 F. Supp. 1062. 29 in the Matter of Octopus Network. Inc., SEC-PED Case No. 98-2220, 22 May 1998. 30 SEC vs. Howey, citing 69 Am Jur 2d citing Stenger v. R.H. Love Galleries, Inc. 74 1 F2d 144

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To be considered as an investment contract, the expectation of profits must depend primarily from the efforts of others. In Turner case, the US Supreme Court adopted a more realistic test which is "whether the efforts made by those other than the investors are undeniably significant ones, those essential managerial efforts which affect the failure or success of the enterprise".

In the instant case, it is apparent that it is FASTLEGACY who develops, administers, maintains and promotes the subject investment scheme. It maintains an office in Eastwood, Libis, Quezon City. It provides to the public a website - fastlegacy.com, where its investor-subscribers can inquire and monitor their subscriptions. It also provides promotional materials such as video and power point presentations. It even provides an Online Income Calculator to aid

as subscriptions. In fact, promotional videos and presentations are widespread its investor-subscribers in recruiting and monitoring their investments disguised

in social media websites.

Aside from that, it is also evident that the promised profits are derived from incoming investor-subscribers as clearly shown in its presentations on Direct Affiliates Subscription Reward, 2nd Tier Subscription Reward, 3rd Tier Subscription Reward and Company-wide Bonus Pool. Undeniably, FASTLEGACY's investor-subscribers primarily earn from the efforts of others.

Undeniably, FASTLEGACY's scheme is considered as an investment contract as all the elements of the same is obviously present. As enunciated in Power Homes32, an investment contract that is a security under R.A. No. 8799

CRMD, CGFD and MSRD show that FASTELEGACY and/or its representatives/agents are not authorized to offer/sell securities in the form must be registered with the Commission. In the instant case, certifications from

of investment contracts to the public. Also, it is not licensed as a broker dealer, salesman or associated person to offer/sell securities to the public.

In view of the above discussions, we see three (3) violations by FASTLEGACY and the persons acting for it.

First, the non-registration of securities. Under the SRC, unless what is involved are exempt securities or exempt transactions which are not covered by the requirement of registration, securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the Commission.33 Prior to such sale, information on the

above, FASTLEGACY is engaged in the offering and/or selling of securities in the securities, in such form and with such substance as the Commission may prescribe, shall be made available to each prospective purchaser.34 As discussed form of investment contracts without prior registration with the Commission.

33 Note 26, Supra. 32 Note 28 Supra. 3 d

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Second, the non-registration as broker, dealer, salesman, or associated person of any broker or dealer. The law provides that no person shall engage in the business of buying or selling securities in the Philippines as a broker or

unless registered as such with the Commission.35 In the instant case, dealer, or act as a salesman, or an associated person of any broker or dealer

FASTLEGACY, Hyun Lee Scofield a.k.a. Johnny Scofield36 and/or all persons acting for and on their behalf are acting as either broker or dealer or salesman without being registered as such.

Third, the commission of ultra vires acts. No corporation or partnership shall possess or exercise any corporate powers except those conferred by the Corporation Code or by its Articles of Incorporation/Articles of Partnership and except such as are necessary or incidental to the exercise of the powers so conferred.37 In that instant case, FASTLEGACY's primary purpose38 does not authorize to engage in the business of soliciting and accepting investments and money placements from the public.

should immediately be enjoined pursuant to Section 64 of the SRC which Therefore, the violations committed by FASTLEGACY and its agents

provides that:

"Section 64. Cease and Desist Order. - 64.1. The Commission, after proper investigation or verification, motu proprio or upon verified

the act or practice, unless restrained, will operate as a fraud on complaint by any aggrieved party, may issue a cease and desist investors or is otherwise likely to cause grave or irreparable order without the necessity of a prior hearing if in its judgment

injury or prejudice to the investing public."

Commission may issue a cease and desist order: First, there must be a proper From the foregoing, there are two essential requisites before the

investigation or verification39. In the instant case, EIPD was able to conduct a thorough investigation on FASTLEGACY's investment-taking activities. It presented videos and power point presentations showing FASTLEGACY soliciting investments from the public. Likewise, it conducted a surveillance operation to verify the allegations as to FASTLEGACY's investment-taking activities. The EIPD team elicited information from Mr. Scofield, founder of FASTLEGACY, showing the corporation's investment scheme.

Second, there must be a finding that the act or practice, unless restrained,

irreparable injury or prejudice to the investing public40. It should be noted that will operate as a fraud on investors or is otherwise likely to cause grave or

activities cannot be regulated nor supervised. It is noticeable that FASTLEGACY's without a license from the Commission, FASTLEGACY's investment-taking

35 Section 28. 1, SRC. 37 Section 45, Corporation Code of the Philippines. 39 Securities and Exchange Commission vs. Performance Foreign Exchange Corporation, GR No 15413 1, July 20, 2006 36 Note 2, Supra. 38 Note 3. Supra 40 (bid

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investment scheme clearly falls as offering and/or selling of securities in the form of investment contract and if it remains unregulated or unsupervised, would likely defraud the investing public.

In SEC, et al. vs. CJH Development Corporation, et al.41, the Supreme Court expounded the duty of the Commission concerning unregistered securities, to Wit:

"Lastly, the Court neither agrees with the ruling of the CA that there is nothing in the assailed CDO which shows that the acts sought to be restrained therein operate as a fraud on investors. The SEC arrived at a preliminary finding that respondents are engaged in the business of selling securities without the proper registration issued fraud on investors as it deceives the investing public by making it appear that respondents have authority to deal on such by the Commission. Based on this initial finding, respondents' act of selling unregistered securities would necessarily operate as a

securities. As correctly cited by the SEC, Section 8.1 of the SRC

as the SEC may prescribe, shall be made available to each information on the securities, in such form and with such substance duly filed with and approved by the SEC and that prior to such sale, prospective buyer. The Court_agrees with the SEc that the clearly states that securities shall not be sold or offered for sale or distribution within the Philippines without a registration statement

purpose of this provision is to afford the public protection from investing in worthless securities.

in the Commission, FASTLEGACY MARKETING INTERNATIONAL, INC. and WHEREFORE, premises considered and pursuant to the authority vested

HYUN LEE SCOFIELD a.k.a. JOHNNY SCOFIELD, their partners, officers, directors, agents, representatives, conduits, assigns, and any and all persons claiming and acting for and in their behalf and under their authority are hereby Ordered to IMMEDIATELY CEASE AND DESIST42,UNDER PAIN OF CONTEMPT, from engaging in activities of selling and/or offering for sale securities in the

registration statement is duly filed with and approved by the Commission and form of investment contracts or any others of the same nature until the requisite the corresponding to offer/sell is issued.

Furthermore, the subject corporation, together with its representatives and/or agents, is DIRECTED TO CEASE its internet presence relating to above-stated investment activities. The Commission will institute the appropriate administrative and criminal action against any persons or entities found to act as solicitors, information providers, salesmen, agents, brokers, dealers or the like for and in behalf of the subject corporations.

42 Section 64.1, SRC, The Commission, after proper investigation or verificatior 41 G.R. No. 210316, 28 November 2016. prejudice to the investing public. any aggrieved party, may issue a cease and desist order without the necessity of a prior hearing if in its judgment the act or practice nless restrained, will operate as fraud on investors or is otherwise likely to cause grave or irreparable injury or onmotu propioor upon verified complaint by

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The EIPD is hereby DIRECTED to: 1) serVe this Order to FASTLEGACY MARKETING INTERNATIONAL, INC., its Partners, General Manager, Treasurer, In-House Counsel or other officers, if any; and 2) post copies of the Order at the entrance of the main office and/or branches, if any, of FASTLEGACY MARKETING INTERNATIONAL, INC.

published in a national newspaper of general circulation; and 3.) furnished to all Let a copy of this Order be: 1.) posted in the Commission's website; 2.)

the Commission's departments for their information and appropriate action.

way of a pleading, to the Commission En Banc WITHIN FIVE (5) DAYS from receipt of this Cease and Desist Order. EIPD is FURTHER DIRECTED to submit a formal compliance report,by

In accordance with the provisions of Sec. 64.343 of SRC and Sec. 4-3 (b)44 Rule IV of the 2016 Rules of Procedure of the Securities and Exchange

for the lifting thereof within five (5) days from receipt hereof. Commission, the parties subject of this Cease and Desist Order may file a request

FAIL NOT UNDER PENALTY OF LAW.

SO ORDERED.

Pasay City, Philippines; 23 May 2017.

I. TERESITA J. HERBOSA Chairperson

mtmwer aet A-W

ANTONIETA F. IBE EPHYRO LUIS B.AMATONG *

Commissioner Commissioner

BLAS JAMES G. VITERBO* EMILIO B.AQUINO mnn

Commissioner Commissic *On Vacation Leave

43 SRC. Section 64.3. Any person against whom a cease and desis order wasissued may. witin five (5) days from receipt of fifteen (15) days from its filing and the resolution thereof shall be made not later than ten (10) days from the termination of 44 For a CDO issued ex-parte under Sec. 64 of the SRC and other special laws, the same may be lifted upon filing by the shall be set for hearing by the Commission En Banc not later than fifteen (1 5) days from its filing and the resolution thereof the order, file a formal request for a lifting thereof. Said request shall be set for hearing by the Commission not later than the hearing. If the Commission fails to resolve the request within the time herein prescribed, the cease and desist order shall shall be made not later than ten (10) days from the termination of the hearing. If the Commission fails to resolve the request within the period herein prescribed, the CDO shall automatically be lifted; per automatically be lifted CG G ct thereof of a verified motior n to lift the CDO within five (5) days from receipt of said Order. Said motion to lift