MANILA, Philippines - The Securities and Exchange Commission (SEC) has upheld its decision slapping the Philippine Stock Exchange (PSE) with a P1 million fine for failing to secure certifications for candidates in its board election last month.
The PSE, in a disclosure, said it obtained a letter from the SEC denying the request for reconsideration of its decision to impose a P1 million penalty against the exchange.
The SEC also directed the PSE to pay the P1 million penalty within 5 days after receiving the letter.
The SEC ruled last month that under the 2011 PSE Nomination and Election Committee (Nomelec) rules, broker and non-broker candidates should be certified compliant with the securities law and PSE and/or SEC rules by the concerned departments of both regulators.
The SEC had said the PSE Nomelec violated its own rules when it filed the certifications on April 13, days after it concluded its evaluation of candidates for the board election.
The PSE Nomelec finished evaluating nominees on April 1 and released the official list of candidates on April 13.