Metisetrade, Inc.

Republic of the Philippines Department of Finance SEC Building, EDSA, Greenhills,Mandaluyong City Securities and Exchange Commission METISETRADE,INC In the matter of: SECCDO Case No.04-15-016 PROTECTION DEPARTMENT, ENFORCEMENT AND INVESTOR Movant. CEASE AND DESIST ORDER desist from of selling and/or offering for sale securities in the form of foreign Enforcement and Investor Protection Department for brevity EIPD praying to currency trading contracts and Contracts for Difference (CFD or any other security of the same nature. enjoin METISETRADE,INC.for brevity Respondent METIS, to cease and This resolves the Motion for Issuance of Cease and Desist Order filed by the principal business address is at 9th Floor, Marajo Tower,26t Street corner 4th Avenue Baguilat Kim;5 Almira Gavan.It is sixty percent 60% Filipino-owned and forty Commission on 27 Jun 2012 under SEC Company Registration No.CS201211819.Its Fort Bonifacio,Global City Taguig City.Its current directors and officers are as percent40%)Korean-ownedIts purposes are follows:1 Hyun Jing Jun 2 Leonora Carnites;3 Temie Lanaria4 Arlyn Respondent METIS is a domestic stock corporation registered with the Primary purpose: basis; To act as a remittance agent (RA or to engage in the business remitting, remitting money on behalf of any person to another and/or entity as defined under Bangko Sentral ng Pilipinas Circular No.471 dated 24 January 2005. To act as a foreign exchange dealer (FXD/money changer MC or to engage in the business of buying and/or selling currencies on real time Certificate of Incorporation dated 27 June 2012, Annex A" of the Motion. President of Respondent METIS 2014 General Information Sheet Annex C of the Motion. b Ibld Dated 20 April 2015. Secretary/Treasurer of Respondent METIS. Enforcement and Investor Protection Department SEC CDO Case No.04-15-016 InreMetisetradeInc Page 2 of 13 Secondary Purpose: Subject to existing rules and regulations issued by the Bangko Sentral ng adviser of an investment company or investment house. Pilipinas, to engage in the business of online foreign currency and spot precious metals trading gold, silver and others to the public while acting as market maker and referring broker. Provided that the corporation shall not engage in the business or broker-dealer in securities, government securities eligible dealer GSED, investment personality but is not authorized to undertake business activities requiring Respondent METIS Certificate of Incorporation states that it has juridical a Secondary License from the Commission trading and commodity futures in connection with the activities of Respondent and Securities Regulation Department (for brevity MSRD for evaluation and inquiring about the rules and regulations of the Commission on foreign currency appropriate action. METIS.On 24 September 2014,the said e-mail inquiry was endorsed to the Markets EIPD received an e-mail inquiry from a certain person (e-mail sender On 30 September 2014, the MSRD issued a Memorandum stating that: Based on the records of the Department, it appears that Metis E- which is under the regulation of this Department. Trade Inc.(the Company is not a holder of a secondary license Based on the representations of Mr.x x x that he invested money in the Company to conduct trading in forex currencies and Contracts for Difference (CFD, it is our opinion that the Company may be considered as acting as a commodity futures broker or commodity Securities Regulation Code (SRC) states that:x xx pool operator without a license. In this regard, Section 11 of the The Department believes that the Company may be violating Section 11 quoted above for following reasons: dealer in securities,government securities eligible dealer (CSED), investment adviser of an investment company,close- exchange/broker/merchant, financing company, pre-need plan issuer, general agent in pre-need plans and time shares/club shares/membership certificates issuers or selling agent thereof. Neither does this Certificate constitute as business activities requiring a Secondary License from this Commission such as but not limited to acting as:broker or permit to undertake activities for which other government agencies require a license or permit. end o Articles of Incorporation of Metisetrade, Inc., 2 Paragraph AnnexBof the Motion Annex "D" of the Motion. Annex A This Certificate grants juridical personality to the Corporation but does not authorized it to undertake open-end investment company, investment housetransfer agent,commodity/financial futures Enforcement and investor Protection Department SEC CDO Case No.04-15-016 InreMetisetradeInc Page 3 of 13 l. According to the SRC,no person shall offer,sell or enter into 2 There is no Futures Exchange currently registered in the commodity futures contracts except in accordance with rules regulations and orders of the Commission may prescribe in the public interest.Per SRC Rule 11 paragraph 4,the public trading of suspended until further ordered otherwise by the Commission; commodity futures contracts and pertinent Commission rules are Philippines through which futures contracts can be posted, traded and executed. If there is no registered Future Exchange as of the moment, it necessarily follows that no commodity futures merchant/broker (such as the Company can legally exist at this time, much less, solicit, nor accept investments in futures contracts from the general public. that .The payments made under said contract were payments of and declared null and void by law.. Appeals G.R.No.90707,February 3,1993,the Supreme Court stated The Department also notes that in the case entitled Onapal vs. Court of difference in prices arising out of the rise or fall in the market price above or below the contract price thus making it purely gambling Asset Management LLC, Inc(the Applicant)which seeks to engage The Department is further concerned by the fact that sometime in September2014theDepartment comment/recommendation on the application for incorporation of Metis in activities similar to that of the Company. Based on the respective articles of incorporation of the Applicant and the Company,we note that a certain Korean national,Mr.Sung Hwan Park,is listed as an receivedarequest for address. x x x" incorporator of the Applicant and of the Company.We note that in both articles of incorporation,Mr. Park listed the same residential Jacob Park, Operations Manager.They were assisted by counsel.During the said October 2014,a Clarificatory Conference was conducted,which was attended by the following officers of Respondent METIS:IMr.Temie Lanaria,President and 2Mr conferencethe said officers of Respondent METIS explained its operations. As a result,EIPD conducted an investigation on Respondent METIS. On 13 Contracts with Liquidity Providers;2Banko Sentral ng Pilipinas BSPLicense;3 October 2014, Respondent METIS, through counsel, submitted the following documents: Contracts with Individual Clients; and 4 Flowchart of Mechanics.Thereafter,on 29 SubsequentlyEIPD required Respondent METIS to submit the following:1 2 Sworn Attestation executed by Temie F. Lanaria, President of the Corporation Online Trading Account Application Form; affirming and confirming the truthfulness of the contents of and the statements and representations made in the documents/instruments submitted; I0 Atty. Peter John Javier. Enforcement and Investor Protection Department SECCDO Case No.04-15-016 In reMetisetradeInc Page 4 of 13 3 Account Opening Process Flow 4. Telegraph Payment Request; 5 6. T 8 95 Risk Disclosure Deposit Instruction Withdrawal Process Flow BSP Registration as FXD/MX Sticker Deposit Process Flow 10.Online Trading General Business Terms;and 11.Sample Liquidity Provider Agreement following findings Based on EIPD's evaluation of the submitted documents, it made the l Unlike ordinary deposits, the deposits in METIS are leveraged or gearedso that the book value is minimal compared to its equivalent value in the trading system. Converselya smallmarket movement will have a 2 Under the general terms and conditions,METIS also represents proportionately larger impact on the margin deposits made. a Futures and CFDs on commodities, securities,interest rate to the public that it may also engage in the following and debt instruments,stock or other indices, currencies and b Spot and forward bullion, currencies and OTC derivatives precious metals: C) Securities, including shares, bonds and other debt d Options and warrants to acquire or dispose any of the instruments, including government and public issues e) Manage assets whether as OTC or stock-exchange traded instruments above, including options on options 3 METIS engages its client in purely margin trading,and does the underlying assets, whether foreign currencies or commodities.12 D not in any way undertake to deliver,or cause the delivery,of Such other investments as METISTRADE may from time instruments;and to time agree. attended by the email-sender. The email-sender claimed that all of his transactions email-sender presented the following documents: were conducted online from opening an account to the day he lost some One Hundred Thousand Pesos Php 100,000.00 in investment.He also claimed that he had a meeting with Mr. Jacob Park prior to opening an account online.He presented to the EIPD all the documents pertaining to his transactions with Respondent METIS. The In a separate occasion, a clarificatory conference was conducted which was Paragraphs 12,13,14 of the Motion. Annex F of the Motion. Enforcement and investor Protection Department SEC CDO Case No.04-15-016 In reMetisetradeInc Page 5 of 13 2 3 4 1 Memorandum re:Financial Consultant Service and Interest Advantage Accounts Telegraph Payment Request Form; MetisEtrade Certification of Deposit Deposit instruction; 5 6. Precious Metals Trading Conditions US Oil Trading Conditions Indices Trading Conditions. 348.00. The error was attributed to a system glitch where false transactions were Respondent METIS.The said complainant is seeking assistance from the Commission for the recovery of some Nine Hundred Thousand Pesos (PhP 900,000.00 balance in Hundred Fifty Thousand Pesos PhP 150,000.00,Respondent METIS informed him that the real balance of his account was only Three Hundred Forty Eight Pesos (PhP cancelled. Respondent METIS.He also claimed that when he previously attempted to claim One On 02 March 2015,EIPD received another complaint from an investor of Hence, this motion. contracts one of the options facilitated by Respondent METIS is considered as a Derivative, to wit EIPD is on the theory that the offering and selling foreign currency trading Since the foreign currency trading contract has the following elements: 1 it is a financial instrument 2 its value changes in response to the change in the value of the underlying assets,that is the foreign currency pair selected by the investor 3 it requires a little investment that is leveraged 3 the contract is settle at a future date by liquidation and not by definition of securities that are placcd under the jurisdiction of the delivery, indubitably, it is a derivative that falls within the ambit of the Commission. as: The Implementing Rules and Regulations (IRR of the SRC define Derivatives requires no initial or little net investment relative to other types of Rule 3, F - Derivative is a financial instrument whose value changes in response to the change in a specified interest rate, security price commodity price,foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable or underlying factor. It contracts that have similar responses to changes in market conditions. It is settled at a future date. This term shall include,but not limited, to the following: Options are contracts that give the buyer the right, but not the obligation, to buy or sell an underlying security at a predetermined AnnexEof the Motion Paragraph 21 of the Motion. Enforcement and Investor Protection Department SEC CDOCase No.04-15-016 In reMetisetrade,Inc Page 6 of 13 2 Commission upon stockholders' approval. date, called the expiry date, which can only be extended by the price,called the exercise or strike price,on or before a predetermined Call options are rights to buy. 3. 4. Warrants are rights to subscribe or purchase new shares or existing Commission rules and regulations and/or the Exchange rules. Warrants generally have longer exercise period than options and are Put options are rights to sell. shares in a company on or before a predetermined date, called the expiry date,which can only be extended in accordance with the evidenced by warrant certificates. x x x currencies and CFDs by Respondent METIS is considered as acting as a commodity futures broker or commodity pool operator,to wit: On the other hand, MSRD opines that the trading of foreign exchange x x x it is our opinion that the Company may be considered as acting as a commodity futures broker or commodity pool operator without a license." Section 11 of the SRC on Commodity Future Contracts provides Section II.Commodity Futures Contracts. -No person shall offer,sell the rules, regulations and orders the Commission may prescribe in the public interest. The Commission shall promulgate rules and or enter into commodity futures contracts except in accordance with regulations involving commodity futures contracts to protect investors to ensure the development of a fair and transparent commodities market. Furthermore, it is defined in the IRR of the SRC as: Rule 11, paragraph 1, IRR of SRC I. 2 interests, including any group or index of any of the foregoing, in making or taking delivery at a prescribed time in the future of a thereof, which is customarily offset prior to the delivery date, and leverage or margin contracts Commodity means any goods, which commodity interests contracts are presently or in the future Commodity futures contract means a contract providing for the specific quantity and quality of a commodity or the cash value dealt in. includes commodities standardizedcontractshavingtheindiciaof futures.commodity articlesservicesrightsand optionsandcommodity XXX Annex D" of the Motion. Enforcement and Investor Protection Department SEC CDO Case No.04-15-016 In reMetisetrade,Inc Page 7 of 13 pertinent Commission rules shall remain suspended until further Without prejudice to applicable Bangko Sentral ng Pilipinas rules and circulars, the public trading of commodities futures contracts and ordered otherwise bv the Commission corporation's operations, to wit: During the conference with Respondent METIS' officers,they explained the customers and liquidity providers. banks acting as global brokers in foreign currencies, indexes and METATRADER 5 where its customers open and engage in spot trading commodities and future exchanges and hence, quote the reference rates following: the trading platform. a in foreign exchange and commodities. investment of at least Php 10,000.00 in a specified bank.Subsequently these investors are assigned password-protected individual accounts in C. of the underlying assets.Among the liquidity providers of METIS are the d e D 2 Citibank 3) Deutchbank 4) FXCM 1Hongkong Shanghai Banking Corporation 5 6 Oanda METIS acts as a broker and/or as an intermediary between the METIS operates an online investment platform called Liquidity providers are international financial companies and Alfari To earn, the investors have the option whether to engage in At the onset, the investors are instructed to deposit an initial trading in commodities such as oil, and precious metals such as gold and foreign currency trading or invest in CFDs which are contracts for simultaneously with the movement in the world prices of the investors order a close-out and liquidate their positions. At this transaction depends on the spread (the difference between the bid and trading conditions. synonymous to tick in the stock exchange.Hence,depending on pips earned or pips lost, the investment deposited is inflated or deflated CFDs, whose values are derived from the prices of commodities exchange and in high value commodities, the volatility of the margins is underlying assets (foreign currency pairs or commodities until the silver. currency pair that is commonly traded globally. The cost of the ask prices of the currency pair and lower spreads usually mean better mentioned above and earn from the margin of daily trades. j 9 h. also expected. On the other hand, investors may opt to place their deposit in The difference between the daily spreads is called pip In foreign currency trading, investors select a particular foreign The deposits placed by investors in METIS change Considering the highly speculative nature of trading in foreign Enforcement and investor Protection Department SEC CDO Case No.04-15-016 InrMetietradeIn Page 8 of I3 point,the contract is settled by payment of the balance of the margin deposit,which could be greater or lesser than the initial deposit. k Neither money exchange nor delivery of the foreign currency and commodities take place at any point from the creation of the deposit until the liquidation or withdrawal by the investor. investors when their respective margin deposits are depleted at 70% Failure or refusal to deposit additional margin or failure to terminate transactions after the advisory has been issuedMETIS issues a stop- out"order when a particular deposit drops at 40% As a protection mechanism for METIS,advisories are issued to Difference are offered to the public by the conduct of regular public seminars and though the website www.metistrade.com m. The foreign currency trading contract and the Contract for documents to EIPD which explicitly illustrate that Respondent METIS is engaged in offering and selling of margin contracts,to wit: Moreover, Respondent METIS's officials and the email-sender presented 1.Terms and condition in the Risk Disclosure Agreement Paragraph 2 Risk of Acknowledgement 2.1 2.2 trading and investment in securities as well as in leveraged and non- leveraged derivatives, is: b.may involve an extreme degree of risk and c.is appropriate only for persons who,if they trade on margin,can a.highly speculative assume risk of loss in excess of their margin deposit.x x The Client acknowledges, recognizes and understands thar The Client acknowledges,recognizes and umderstands that: a.because of the low margin normally required in Margin Trades price changes on the underlying asset may result in significant losses; x x x 3.I Subjects to the Client fulfulling its obligations under the Terms Paragraph3Services following investments and instruments: MetisEtrade, may enter into transactions with the Client in the c.securities, including shares, bonds and other debt instruments d.options and warrants to acquire or dispose of any of the a.Futures and CFDs on commodities, securities,interest rate and b.spot and forward bullion,currencies, and OTC derivatives: debt instruments, stock or other indices, currencies and precious instruments above including options on options; including government and public issues: metals: I9 (bid. Paragraph 9 of the Motion. AnnexF of the Motionpresented by Respondent METIs Page 33 of the Records. Enforcement and Investor Protection Department SEC CDO Case No.04-15-0|6 In reMetisetradeInc Page9 ofI3 f. such other investments as MetisEtrade may from time to time e.managed assets whether as OTC or stock exchange traded agree.xxx instruments: and 3.6 The services provided by MetisEtrade may involve: a. margined transactions x x x Paragraph 5 Margins, Collateral, Payments and Delivery 5.1 The Client shall pay to MetisEtrade on demand: a. such sums of money by way of depostis, or as initial or variation change plus any additional margin that MetisEtrade may in its margin as MetisEtrade amy require.In the case of a Contract not less than the amount or percentage stipulated by the relevant effected by MetisEtrade on an exchange, such margin shall be entire decision reguire; x x x 6.1 On the date of the opening of a Margin Trade between MetisEtrade Paragraph 6 Margin Trades 6.2 MetisEtrade's margin requirement shall apply throughout the term of 6.3 The Client is specifically made aware that the margin requirements and the Client, MetisEtrade may require the Client to have margin on the Account at least equivalent to MetisEtrade's initial margin the Margin Trade. It is the Client's responsibility to ensure that met.If. at any time during the term of a Margin Trade, the margin sufficient margin is available on the Account at any time.MetisEtrade may or may not notify the Client that the margin requirements are not available on the Account is not sufficient to cover MetisEtrade's discretion without assuming any responsibility towards the Client for are subject to change without notice. When a Margin Trade has been requirement margin requirement,the Client is obliged to reduce the amount of open Margin Trades or transfer adequate funds to MetisEirade.Such transfer must be effected and documented towards MetisEtrade if the Client effects such transactions,MetisEtrade may close one or sell securities or other property at the Client's account at its sole opened, MetisEtrade is not allowed to close the Margin Trade at its discretion but only at the Client's instruction or according to MetisEtrade's rights under the Terms. Consequently, MetisEtrde will on a Margin Trade has increased as compared to the risk on the date of the opening. immediately after MetisEtrade has requested the Client to do so. Even more Margin Trades or part of a Margin Trade and/or liquidate or such action. increase the margin requirements if MetisEtrade considers that its risk 20 Page 33-34 of the Records. 23 Page 25 of the Records. Page 27 of the Records Page 32 of the Records. InreMetisetradeInc Enforcement and Investor Protection Department SEC CDO Case No.04-15-016 Page 10 of 13 23.3.x x x Without prejudice to any of MetisEtrade's other rights under Paragraph 23 Complaints and Disputes the Terms, in any case when the Client and MetisEtrade are in dispute over a Margin Trade or alleged Margin Trade or any instruction relating to a Margin Trade,xx x 2. Certification issued by Respondent METIS25 CERTIFICATION This is to certify that x x x has placed a deposit with MetisEtrade Inc., an amount of x x x for foreign exchange and commodities trading. x x x 3. Precious Metal Trading Conditions MINIMUM MARGIN REQUIREMENT (MMR) Trading Precious Metals on Margin The margin rate is the client's capital obligation to buy or sell 1 contract of a single index.MetisEtrade has standardized minimum/incremental trade sizes for each instrument.To calculate the margin required to place the minimum trade size, simply multiply the minimum trade size by the margin required (per contract). XAGEUR MMR XAGUER minimum trade size is 50 contracts MMR is $27.9546 per contract (approximate value;dependenr 50 contracts x $27.9546=S1.397.73 on the current market price of EURUSD XAGUSD MMR XAGUSD minimum trade size is 50 contracts MMR is $27.995 per contract (approximate value; dependent on the current market price of EURUSD 50 contractsx$27.995=$1.399.75 XAUEUR MMR MMR is $1.614.62 per contract (approximate value;dependent 50 contracts x $1.614.62=$1,614.62 XAUEUR minimum trade size is 1 contract on the current market price of EURUSD XAUUSD MMR XAUUSD minimum trade size is 1 contract MMR is $1,614.46 per.contract (approximate value;dependent on the current market price of EURUSD 2 Page S5 of the Records 27 Page 54,53 of the Records. Page 12 of the Records. AnnexE of the Motion presented by the emall sender Enforcement and investor Protection Department SEC CDO Case No.04-15-016 In reMetisetradeInc Page 11 of 13 50 contracts x S1.614.46=S1.614.46 4.US Oil Trading Conditions28 Trading Oil on Margin MINIMUM MARGIN REOUIREMENT(MMR) contractof a singleindex.MetisEtrade has standardized minimum/incremental trade sizes for each instrument. To calculate the margin required to place the minimum trade size,simply multiply the minimum trade size by the margin reguired (per contract) The margin rate is the client's capital obligation to buy or sell I MMR is $0.9149 per contract (approximate value; dependent on 10 contracts x$0.9149=$9.15 US Oil minimum trade size is 10.contracts the current market price) 5.Indices Trading Conditions Trading Indices on Margin contract of a single index. PSS FOREX has standardized the margin required to place the minimum trade size,simply multiply MINIMUM MARGIN REQUIREMENT(MMR) The margin rate is the client's capital obligation to buy or sell 1 minimum/incremental trade sizes for each instrument. To calculate the minimum trade size by the margin reguired (per contract) US30MMR US30 minimum trade size is I contract MMR is $900.00 per contract 1contractx$900.00=S900.00 SPX500MMR SPX500 minimum trade size is 1 contract MMR is $1,200.00 per contract 1contractx$1.200.00=$1.200.00 NASIOO MMR NAs100 minimum trade size is I contract MMR is S900.00 per.contract 1contractx$900.00=$900.00xxx in the form of foreign currency trading contracts and CFDs for high value reveal that Respondent METIS is engaged in offering and selling of margin contracts commodities. The IRR of the SRC defines Commodity Futures to include margin and the documentary evidence presented by Respondent METIS and the email sender The above operations and activities,as described by Respondent METIS itself 2 Page 52,51,50,49 of the Records. M Page 48,47,46 of the Records. Enforcement and Investor Protection Department 5EC CDO Case No.04-15-016 In reMetisetrade.Inc Page 12 of 13 contracts. Thus, Respondent METIS is engaged in offering and selling Commodity Futures,which should be registered with and licensed by the Commissionpursuant to Sections 8 and 11 of the SRC. contract and CFD could also be considered as Derivatives since these are financial On the other hand, Respondent METIS's products (foreign currency trading exchange rate. However, Respondent METIS is engaged in these activities without instruments whose value changes in response to a commodity price or a foreign any secondary license from the Commission. Relative thereto,Section 64 of the SRC provides that: without the necessity of a prior hearing if in its judgment the act or Section 64.Cease and Desist Order.-64.1.The Commission, after proper investigation or verification motu proprio or upon verified practice, unless restrained,will operate as a fraud on investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public. complaint by any aggrieved party,may issue a cease and desist order contracts without the necessary license from the Commission which constitute fraud on investors that is likely to cause grave or irreparable injury or prejudice to the investing public, especially considering the highly volatile nature of the transactions. Respondent METIS' operations involve offering and selling of margin restrained from offering or selling margin contracts in the form of foreign currency trading contracts and CFD on high value commodities. Thus, in the absence of a secondary license. Respondent METIS should be the Commission,Respondent METISETRADE,INC.,its officers,directors,agents WHEREFORE,premises considered and pursuant to the authority vested in foreign currency trading contracts and Contracts for Difference on high value in behalf and under their authority are hereby ordered to IMMEDIATELY CEASE ANDDESIST30UNDERPAIN OFCONTEMPT,fromengagingin representatives, conduits,assigns, and any and all persons claiming and acting for and activities/operations, selling and/or offering of its products which it refers to as commodities or any others of the same nature,traded on its platform METATRADER 5 and the like. to:1 serve this Order to METISETRADE, INC.its President,General Manager, the entrance of the main office and/or branches,if any,of METISETRADE.Let a copy of this Order be also posted in the Commission's website and published in a Corporate SecretaryTreasurer or In-House Counsel;2 post copies of the Order at The Enforcement and Investor Protection Department is hereby DIRECTED act or practice,unless restrained,will operate as fraud on investors or is otherwise likely to cause grave or irreparable injury or prejudice to the investing public. 30 Section 64.1.SRC,The Commissionafter proper investigation or verification,motu propio,or upon verified complaint by any aggrieved party.may is and desist order without the necessity of a prior hearing if in its judgment the Enforcement and Investor Protection Department SECCDO Case No.04-15-016 InreMetisetradeInc Page 13 of 13 national newspaper of general circulation. EIPD is FURTHER DIRECTED to submit a compliance report to the Commission En Banc within five (5 days from receipt of this Cease and Desist Order. the lifting thereof within five 5days from receipt hereof. Securities Regulation Code and Sec. 10-3 of the 2006 Rules of Procedure of the Commission,the party subject of this Cease and Desist Order may file a request for In accordance with the provisions of Sec.64.331 of Republic Act 8799, the FAIL NOTUNDER PENALTY OFLAW SO ORDERED. Mandaluyong City, Philippines; 14 May 2015. TERESITA J.HERBOSA Chairperson htwt duan.be ANTONIETA F.IBE MANUEL HUBERTO B.GAITE Commissioner Commissioner EPHYRO LUIS B.AMATONG Commissioner 1a BAS JAMES G.VITERBO Commissioner 4as Janes i00 ccCRMD MSRD CGFD ERTD later than fifteen (15 days from its fling and the resolution thereof 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 time herein prescribed,the cease and receipt of the order,file a formal request for a lifting thereof. Said request shall be set for hearing by the Commission not desist order shall automatically be lifted 3 SRC,Section 64.3. Any person against whom a cease and desist order was issued may, within five (5 days from