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September 26, 2022

UnionBank penalized by PSE for disclosure violations

The Philippine Stock Exchange (PSE) has slapped a hefty fine on Aboitiz-led Union Bank of the Philippines headed by bankero Edwin Bautista for violating the exchange’s consolidated listing and disclosure rules.

In its latest publication of penalties, the PSE said UnionBank has violated Section 1 and 13.1 (c) of Article VII of the rules as well as the amended rule on minimum public ownership.

Section 1 pertains to the full, fair, timely, and accurate disclosure of material information from all listed companies.

Section 13.1 pertains to the disclosure to the exchange of the direct and indirect ownership of its directors and principal officers in its securities within five trading days after the issuer’s securities is first admitted in the officer registry and if a director is first elected or an officer is appointed or if any acquisition, disposal, or change in the shareholders of directors and officers.

Pursuant to Article VIII, Section 4 on Publication of Penalties Assessed under the Consolidated Listing and Disclosure Rules of the Exchange, as amended, the PSE has imposed the corresponding sanctions for failure to comply with the requirements under the rules on UnionBank.

Under the section, listed companies with assets above P1 billion carries 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.

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