AMENDMENT TO THE CONSOLIDATED SCALE OF FINES (SEC MEMORANDUM CIRCULAR NO. 6, SERIES OF 2005)
the amendment of the Consolidated Scale of Fines (SEC Memorandum
Circular No. 6, Series of 2005) by deleting the word “Warning” as a
penalty for the First Offense and including a sub-group for public
companies engaged in the business of providing “health and educational”
services after paragraph 3 of said Circular as follows:
“However, if the violation of the SRC Rule 17.1 and its
Implementing Rules and Regulations is committed more than three (3)
times by any of the public companies enumerated below, the Commission
may impose a fine, in lieu of suspension or revocation, equivalent to
the basic penalty plus the daily penalty per current Scale and
increments of P10,000.00 and P100.00 on the basic penalty and the daily
penalty, respectively:i. Public companies engaged in the business of formal education as
defined under Section 20 of Batas Pambansa Bilang 232 which includes
preparatory grade or the one-year preparatory level prior to Grade I,
elementary education, secondary and/or tertiary education; andii. Public companies engaged in the business of health care
services rendered by health care institutions as defined under Section 4
(o) (1), Article II of Republic Act 7875, excluding wellness centers
and health care institutions engaged exclusively in out-patient
psychotherapy and counseling for mental disorders, drug and alcohol
abuse or dependency treatment, cosmetic surgery, home and
rehabilitation services, optometric services, or normal obstetrical
delivery.
Attached as Annex “A”[*] is a Table of penalties for public companies engaged in the business of education and health care services to the public.”
The foregoing amendment shall take effect fifteen (15) days from
publication in two (2) newspapers of general circulation in the
Philippines.
Adopted: 08 June 2009
(SGD.) FE B. BARIN
Chairperson
[*] Text Available at Office of the National Administrative Register, U.P. Law Complex,Diliman, Quezon City.