BANK of the Philippine Islands (BPI) has been fined P134.62 million by the Securities and Exchange Commission (SEC) for failing to secure the proper clearances for an in-house stock purchase plan.
"In its letter dated Feb. 3, 2023, the SEC assessed penalties against the bank for violation of Section 8.1 of the Securities and Regulation Code in the amount of P134,622,017.59 for omitting to secure SEC's confirmation of exemption from registration for its seven-year Executive Stock Purchase Plan and Executive Stock Option Plan launched in 2013," the bank said in a disclosure on Monday.
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