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April 19, 2024

PSE throws the book at RCBC for violating disclosure rules

The Philippine Stock Exchange (PSE) has slapped a hefty fine on Yuchengco-led Rizal Commercial Banking Corporation (RCBC) for violating the exchange’s consolidated listing and disclosure rules.

In its latest publication of penalties, the PSE said RCBC violated Section 9 of Article VII of the rules on the disclosure of acquisition of outstanding shares and sale of treasury shares.

Under Section 9 of the rules, issuers must promptly disclose any planned acquisition of its shares or disposition of treasury shares. In addition, the issuers must disclose the actual number of shares and the transaction price for each acquisition or disposition of its own shares prior to the pre-open period on the next trading day after the transaction was executed.

Furthermore, the planned acquisition or disposition must also be in accordance with the rules and regulations of the regulator.

“Please be informed that the Exchange has imposed on the listed company the corresponding sanctions for failure to comply with the requirements under the Rules,” the PSE said.

The sanctions were pursuant to Article VIII, Section 4 on Publication of Penalties Assessed under the Consolidated Listing and Disclosure Rules of the PSE.

Under the section, listed companies with assets above P1 billion carry a basic fine of P50,000, a per day penalty of P5,000, and a maximum penalty of P500,000 per year for each violation.