ASEAN KEY DESTINATIONS
Philippine bourse president resigns
"Now would be a great time for the SEC to focus on approving initiatives that have been sent up to them over the last few months for approval," Hans Sicat, PSE chairman, said in a teleconference.
Val Antonio Suarez resigned as PSE chief executive on Monday "to spare the exchange any further issues" after the corporate regulator slapped the bourse with a basic fine of P1 million, plus daily fines of P1,000 on account of its refusal to replace him because of a close association with a broker.
In August, the SEC came out with a decision finding the bourse in violation of conflict-of-interest rules of the Securities Regulation Code.
On top of this is another issue claiming Suarez owns a trading right in the exchange.
Suarez, also a corporate lawyer, put together Five Karat Holdings and acted as its nominee. The holding company has an inactive trading right, said Sicat.
"I would hope this particular action will help pave the way for smoother working relationship for the SEC," Sicat said, adding that the bourse is open to allowing Suarez to assist the PSE in a number of projects.
The implementation of the REIT Act, which lapsed into law in December last year, is in limbo amid a deadlock between fiscal authorities and corporate regulators over its IRR.
The spin-off MRD, which was approved by the PSE board last May, will allow the Exchange, both a regulator and a listed company, to avoid conflict of interest in its operations.
The search for a new PSE president will begin soon, but the past contenders the Exchange had considered for the position would not be available since they have already moved on, said Sicat, who will head the Transition Committee that will oversee the smooth transition until the bourse appoints a new president.
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