MC No. 4 s.2001 - RE : Schedule of Fees, Fines and Penalties

SEC Memorandum Circular No. 04 Series of 2001 TO : All Broker Dealer, Investment Company Advisers, Investment Houses and Transfer Agents SUBJECT : Schedule of Fees, Fines and Penalties Pursuant to the Securities Regulation Code [SRC] (RA No. 8799) and its Implementing Rules and Regulations, the Basic Rules to Implement the Provisions of the Investment Houses Law (P.D. 129), the Corporation Code (BP Bldg., 68) and the Investment Company Act (RA No. 2629), the following schedule of fees, fines and penalties are hereby adopted: A. BROKER/DEALER Date of Filing Amount 1. Fees P50,000 + other fees New Registration 10,000 + other fees Head Office 2,000 + other fees Branch Office 3,000 + other fees Salesman Associated Person December 2 Renewal P20,000 + other fees Head Office 5,000 + other fees Branch Office 1,000 + other fees Salesman

Associated Person 1,500 + other fees 2. Fines & Penalties Basic fine of P10,000 Reports Within 15 days after month FINOP (late filing) end Plus P100 for every day of delay Basic fine of P10,000 Annual Audited Financial 110 days after end of fiscal Report year Plus P100 for every day of delay Other periodic reports Basic fine of P10,000 Plus P100 for every day of delay Other practices prohibited P10,000 for every violation under SRC without prejudice to the filing of criminal case B. INVESTMENT COMPANY ADVISERS 1. Fees Date of Filing Amount New Registration Head Office P10,000 + other fees

Sales Agent March 15 2,000 + other fees Renewal 3,000 + other fees Head Office 1,000 + other fees Sales Agent C. INVESTMENT HOUSES Date of Filing Amount 1. Fees Jan 15 P50,000 + other fees New Registration 10,000 + other fees Head Office 1,000 + other fees Branch Office Associated Person P10,000 + other fees 5,000 + other fees Renewal 500 + other fees Head Office Branch Office Associated Person 2. Fines & Penalties Within 15 days end of P200 per day of delay Reports quarter Progress

Semi - Annual Within 60 days end of P200 per day of delay Annual semester Within the month of March P200 per day of delay of each year General Information Sheet 1 month after the date of P200 per day of delay the actual Annual Meeting Other Violations P200 per day of non- - Minimum Paid-up Capital compliance Requirement - Unimpaired Capital P200 per day of non- - 25% Free-Based Income compliance - Capital Adequacy Ratios P200 per day of non- - Single Borrower's Limit compliance - Networth to Risk-Asset - Interlocking Directors P200 per day of non- - Underwriting Fees compliance D. TRANSFER AGENTS P200 per day of non- compliance P200 per day of non- compliance 1. Fees Date of Filing Amount New Registration Within 30 days from June 1 of every year P10,000 + other fees Renewal Within 30 days from June P3,000 + other fees 1 of every year

Plus P200 per issue being handled but not more than P5,000.00 2. Fines & Penalties Failure/Late Filing of Basic fine - P10,000 Monthly Reconciliation of PCD and TA 10 days after the end of each month Plus P100/day of delay Failure/Late Filing of Basic fine - P10,000 monthly certification as to the number of shares under 10 days after the end of the name of PCD Nominee each month Plus P100/day of delay Failure/Late submission of 105 days after the end Basic fine - P10,000 Annual Report using SEC fiscal year Plus P100/day of delay Form 36-AR Failure to submit any of the following exception reports Any delay in the turnaround or processing of an issue, transfer or replacement of a security Any discrepancy between Within 7 days of the Basic fine - P10,000 its records and those of the occurrence of the events Plus P100/day of delay registered clearing agency, if applicable Any loss of securities reports to it; and The termination of its functions as a transfer agent for a particular security

Failure to submit Annual 105 days after the end Basic fine - P10,000 Audited Financial Statements fiscal year Plus P100/day of delay Failure to submit General Within 30 days from the Basic fine - P10,000 Information Sheet (GIS) date of postponement of the Annual Meeting Plus P100/day of delay Failure to submit Affidavit Within 30 days from the Basic fine - P10,000 of Non-Holding of Meeting date of postponement of of Postponement of Annual Stockholder's Meeting the Annual Meeting Plus P100/day of delay Failure to submit Notice of Within 10 days after the Basic fine - P10,000 Change of Address end of each month Plus P100/day of delay This memorandum shall take effect immediately. May 3, 2001. Mandaluyong City, Philippines. For the Commission: (Original Signed) LILIA R. BAUTISTA Chairperson