SEC slaps P1-M fine on PSE for violating regulation

The Philippine Stock Exchange (PSE) should pay the Securities and Exchange Commission (SEC) P1 million in penalties for installing a president who is married to a broker in violation of the Securities Regulation Code. In an en banc decision, SEC denied the PSE's request to waive or substantially reduce the fines it should pay for appointing Val Suarez as the stock exchange's president and CEO. Suarez's wife, Milagros Cecilia Dollendo Suarez, is the president and managing director of broker JP Morgan Securities Philippines Inc. Last week, the PSE board appointed Hans Sicat as the new president and CEO of the stock exchange after Suarez resigned last Dec. 13. — JE/VS, GMANEws.TV