The Securities and Exchange Commission (SEC) expressed disappointment after two veteran stockbrokers mounted a court challenge against new rules capping the tenures of broker-directors on the Philippine Stock Exchange (PSE) board. The dispute centers on SEC Memorandum Circular No. 17, which...
Veteran stockbrokers Ma. Vivian Yuchengco and Eddie T. Gobing have asked the Court of Appeals to bar the Securities and Exchange Commission (SEC) from implementing its new rule imposing term limits on broker-directors of the Philippine Stock Exchange (PSE) board. In their petition, they asked the...
The Philippine Stock Exchange (PSE) intends to keep Chairman Jose T. Pardo on its board of directors, no longer as an independent director but as a non-broker director representing other market participants, when it holds its board elections during its annual stockholders’ meeting (ASM) on July...
The Securities and Exchange Commission (SEC) finalized rules imposing a maximum 10-year cumulative term limit for broker-directors of the Philippine Stock Exchange (PSE), standing firm against pushback from local stockbrokers while offering a two-year transition window. Under SEC Memorandum...
The Securities and Exchange Commission (SEC) is ready to face Philippine Stock Exchange (PSE) broker-directors in court if they pursue a legal challenge against the commission’s proposed imposition of term limits for brokers sitting on the board of an exchange. “We ’ re not afraid to go to...
The Securities and Exchange Commission (SEC) is seeking formal counter-proposal from stockbrokers as tensions escalate over the plan to impose term limits on directors at the Philippine Stock Exchange (PSE). SEC Chairman Francis Lim said that while he remains open to feedback from the Philippine...
The Philippine Association of Securities Brokers and Dealers Inc. (PASBDI) has opposed the plan by the Securities and Exchange Commission (SEC) to impose a mandatory 10-year term limit on broker directors of exchanges, arguing the move would strip the local bourse of critical expertise. In a...
