Q: Who are the persons liable with regard to fraud with connection to prospectus, communications and reports? A: 1. Any person who offers to sells or sells a. in violation any provisions on registration of securities; and b. by the use of any means or instruments of transportation or communication, by means of a prospectus or other written or oral communication. Q: Who are the persons liable with regard to fraud in connection with security transactions? A: Any person who engages in any act or transaction in violation of Sections 19.2, 20 or 26 of SRC. Q: Who are the persons liable for the manipulation of security prices? A: Any person who willfully participates in any act or transaction in violation of Section 24 shall be liable to any person who shall purchase or sell any security at a price which was affected by such act or transaction. Q: Who are the persons liable with regard to insider trading? A: Any person in case of legal tender who: 1. Purchases or sells a security while in possession of material information not generally available to the public. 2. Communicates material non public information Q: How are the persons enumerated liable? A: Jointly and severally Q: What is the prescriptive period for filing of action? A: 2 years after the discovery of the facts constituting the cause of action and within 5 years after such cause of action accrued Q: What court has the jurisdiction over civil liabilities? A: Regional Trial Court
S ECURITIES R EGULATION CODE U N I V E R S I T Y O F S A N T O T O M A S F a c u l t a d d e D e r e c h o C i v i l A CADEMICS C HAIR : L ESTER J AY A LAN E. F LORES II V ICE C HAIRS F OR A CADEMICS : K AREN J OY G. S ABUGO & J OHN H ENRY C. M ENDOZA V ICE C HAIR FOR A DMINISTRATION AND F INANCE : J EANELLE C. L EE V ICE C HAIRS FOR L AY O UT A ND D ESIGN : E ARL L OUIE M. M ASACAYAN & T HEENA C. M ARTINEZ Q: What is the limitation for awarding damages? A: 1. The court can award not exceeding triple the amount of the transaction plus actual damage 2. The court is also authorized to award attorney s fees not exceeding 30%of the award Q: When may the court award exemplary damages? A: In cases of: 1. Bad Faith 2. Fraud 3. Malevolence or 4. Wantonness in the violation of SRC or the rules and regulations promulgated
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- Fall '16
- james reyes