P/$ rate closes at P49.03 to $ 1.
The peso rate closed lower at P49.03 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P48.91 the previous day. The weighted average rate depreciated to P49.000 from P48.834. Total volume amounted to $ 625.3 million. RCBC to...

RCBC stockholders okay capital hike.
Byline: FIL C. SIONIL During their special meeting on Monday, shareholders of Rizal Commercial Banking Corporation (RCBC) approved the increase in authorized capital stock (ACS) of the bank, owned and controlled by former Ambassador Alfonso Yuchengco, to P13 billion from P9 billion through the issuance of additional...

SEC finalizes blueprint for dev't of RP capital market.
Byline: JAMES A. LOYOLA The Securities and Exchange Commission has come out with The Capital Market Development Plan which is a blueprint on how to stimulate the growth, efficiency, and competitiveness of the Philippine capital market until 2010. SEC Chairperson Fe Barin said the strategic...

RCBC to issue P1-B preferred shares.
Byline: JAMES A. LOYOLA Rizal Commercial Banking Corporation, a member of the Yuchengco group of companies, is planning to issue R1-billion worth of convertible preferred shares to beef up its tier-1 capital. RCBC chairman Cesar Virata said the bank is still awaiting the approval of...

Law Offices of Burton L. Raimi: expertise in banking and securities law. (Advertising Feature: Legal Profile).
It takes experience and judgment to navigate the worlds of banking and securities law, and Burton L. Raimi relishes the challenge. "I enjoy the complexity," says Raimi. Raimi has more than 30 years of experience in laws governing the sale of securities and the regulation of financial...

Private financing of entrepreneurships: sources of private financing; guarantees (required personal or otherwise); when to go public (pros and cons); rights of financing parties; defaults; capital formation for entrepreneurial ventures; tax considerations.
INTRODUCTION Michael Robinson MR. ROBINSON: I am Michael Robinson. I am pleased to preside here, which means I do not have to do any hard work. I asked to do this because I represent the last of entrepreneurial financing lawyers. When I started...

Securities fraud.
I. INTRODUCTION Seven statutes regulate Federal securities transactions. (1) Congress passed the most important of these, the Securities Act of 1933 ("1933 Act") and the Securities Exchange Act of 1934 ("1934 Act"), in response to fraud in securities markets and a perceived lack of public information about...

Foreign Corrupt Practices Act.
I. INTRODUCTION Congress enacted the Foreign Corrupt Practices Act ("FCPA" or "Act") (1) in 1977 to criminalize illicit payments to foreign public officials by United States ("United States" or "U.S.") businesses and individuals. (2) Consequently, U.S. businesses had to compete in international markets against foreign businesses that...

Foreign Corrupt Practices Act.
I. INTRODUCTION II. ACCOUNTING PROVISIONS A. Covered Parties B. Elements of the Accounting Provisions 1. Record-keeping 2. Internal Controls C. Criminal Liability III. ANTI-BRIBERY PROVISIONS A. Covered Persons B. Elements of the Offense C. Permissible Payments and Affirmative Defenses 1. Routine Governmental Action Exception 2. Affirmative Defenses D. Enforcement...

Deputizing directors.
New SEC rules create new duties for directors. A few safeguards for your consideration. LAST DECEMBBR, the Securities and Exchange Commission issued a series of new rules regarding audit committees. While the new rules purport to require only additional disclosures from and about corporate audit committees, they...