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(From BusinessWorld (Philippines))
Byline: Cathy Rose A. Garcia
The Philippine Stock Exchange (PSE) may be able to sell its shares of stock without securing prior approval from the Securities and Exchange Commission (SEC).
In a draft letter to the PSE, SEC commissioner Jesus E. G. Martinez said "it is not necessary for the PSE to seek SEC approval for the transfer of shares within the 5% and 20% limitation as these are well within the simple exercise of property rights."
"However, should the PSE have reasonable suspicion that such transfer violates the set limitations, it is necessary for it, as a self-regulatory organization (SRO), to …