March 21, 2023

SEC lowers BPI penalty over SRC violation

The Bank of the Philippine Islands (BPI) said that the Securities and Exchange Commission (SEC) has reduced its penalty to Php 30 million, in a disclosure to the Philippine Stock Exchange (PSE) on Thursday.

“Further to our disclosure dated 03 February 2023, the Securities and Exchange Commission (SEC) in its letter dated 08 February 2023 (received today), informed Bank of the Philippine Islands (the “Bank”), that the Commission En Banc, in its meeting on 07 February 2023, granted the request of the Bank to reduce the penalty to Php30,000,000.00 for omitting to secure SEC’s confirmation of exemption from registration for its 2013-2019 Executive Stock Purchase Plan and Executive Stock Option Plan,” the bank said.

In a previous disclosure to the PSE, the Ayala-led bank said the regulator assessed a P134.62 million fine for its violation of a provision of the Securities Regulation Code (SRC).

The said violation occurred in relation to a stock purchase and option plan implemented in 2013.

Meta: The regulator slashes over P100 million off BPI’s penalties.