CMIC was ordered to preserve the assets and books and records of R&L and execute acts or documents necessary or appropriate in carrying out its powers.
Monzon said the PSE is looking at some measure such as raising capital to “rationalize” the brokerage industry in the country. “We’re not favoring the big brokers or small brokers, what we’re saying maybe all brokers should have a minimum capitalization, so they can afford to hire enough people to be able to have correct internal control,” he said.
“That’s what happened to R&L; there was one person doing the front end and the back end,” Monzon said.
Source: News Formal (newsformal.com)
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