THE SECURITIES REGULATION CODE RA 8799 (2000) Topics State Policy (Sec. 2) Definition of terms (Sec.

3; SRC Rule 3, Rule 3.6 and Rule 25.1) Securities required to be registered (Sec. 8) Exempt Securities (Sec. 9) Exempt Transactions (Sec.10) Procedure for the registration of securities (Sec. 12; SRC Rule 8.1) Tender offers (Sec. 19; SRC Rule 19) Proxy solicitations (Sec. 20; SRC Rule 20) Regulation of transactions of directors, officers, and stockholders (Sec. 23) Manipulation of security prices (Sec. 24; SRC Rule 24.1 [b]-1) Short sales (SRC Rule 24.2-2) Insider trading (Sec. 27) Registration of securities market professionals (Sec.28) Registration of exchanges (Sec. 33) Independent directors (Sec. 38; SRC Rule 38) Self- regulatory organizations (Secs. 39, et seq.) Uncertified securities (Sec.43) Margin trading (Secs. 48 and 50; SRC Rule 48.1) Settlement offers (Sec.55) Civil liabilities on account of false registration statement (Sec. 56) Civil liability on account of insider trading (Sec.61) Limitation of actions (Sec.62) Damages that may be awarded (Sec. 63) Non-recovery of contribution to damages from issuer (Sec. 63.3) Non-waiver of provisions (Sec.71) Penalties Cases Nicolas vs. Court of Appeals and Buan, GR. 122857, March 27, 1998. Abacus Securities Corporation vs. Ampil, G.R 160016, February 27, 2006. Baviera vs. Paglinawan, et al., G.R. 168380, February 8, 2007. Cemco Holdings, Inc. vs. National Life Insurance Company, G.R. 171815, August 7, 2007. Timeshare Realty vs. Lao, et al., G.R. 15894, February 11, 2008. Power Homes Unlimited Corp. vs. SEC, G.R. 164182, February 26, 2008. Gabionza, et al. vs. CA, et al., G.R. 161057, September 12, 2008 SEC vs. Interport Resources Corporation, et al., G.R. 135808, October 6, 2008. Queensland- Tokyo Commodities, et al., vs. George, G.R. 172727, September 8, 2010. Philippine Veterans Bank vs. Gallangan G.R. 191995, August 3, 2011 SEC vs. Prosperity.com, Inc., G.R. 164197, January 25, 2012. LETTERS OF CREDIT Articles 567- 572, Code of Commerce Topics Governing law Concept and nature

Essential conditions (Art. 568) Period of validity (Art. 572) Basic parties and governing contracts Opening bank Notifying bank Negotiating bank Paying bank Confirming bank Independence principle Rule of strict compliance Documents associated with letters of credit transactions Cases Prudential Bank vs. IAC, G.R. 74886, December 8, 1992; Bank of America vs. CA, G.R. No. 105395; December 10, 1993; Lee, et al. vs. CA and Philippine Bank Of Communications, G.R. 117913, February 1, 2002. BPI vs. De Reny Fabric Industries, G.R. L-248211, October 16, 1970. Feati Bank vs. CA, G.R. No. 94209, April 30, 1991. Transfield Philippines Inc. vs. Luzon Hydro Corporation, et al., G.R. 146717, November 22, 2004.

TRUST RECEIPTS LAW PD 115(1973) Topics Nature and tripartite character of trust receipts ( Sec. 4) Distinguish from pledge, conditional sale, chattel mortgage and consignment Right of entrusted (Sec. 7) Obligations of entrustee ( Sec.9) Non-liability of entruster for sale of goods made by entrustee (Sec 8) Risk of goods borne by entrustee (Sec.10) Acquisition by purchaser of goods fee from entrusters security interest (Sec. 11) Security interest of entruster valid against all creditors of entrustee (Sec.12) Cases People vs. Cuevo. G.R. L-27607, May 7, 1981. Vintola vs. IBAA G.R. 73271, May 29 1987. Allied banking vs. Ordonez, G.R. 82495, December 10. 1990 Robles vs. CA, G.R. 59640, July 15, 1992. People vs. Nitafan ,G.R. 81559-60, April 6, 1992 Colinares, et al. vs. CA, at al,; G.R. 90828, September 5 2000. Tupas IV, et al. vs. CA and BPI, G.R. 145578, November 22, 2005. Ng vs. People, G.R. 173905, April 23, 2010. CHATTEL MORTGAGE LAW Act 1508 (1906), in relation to Articles 1484, 1485, 2140 and 2141, New Civil Code Topics Essential requisites

Formal Requirements Registration: when and where Aircraft (Secs. 43 and 49-53, Civil Aviliation Authority Act of 2008 [RA 9497, March 4, 2008]) Vessels (Sec. 3, The Ship Mortgage Decree of 1978 [PD 1521, June 11, 1978]) After-acquired, future of substituted property After-incurred obligation Right of junior mortgagee (Art. 13) Foreclosure procedure (Art. 14; SC Circular No. 7-2002, dated January 22, 2002) Redemption Claim for deficiency; rule and exception Cases Piansay, et al. vs David, et al., G.R. L-19468 October 30, 1964 Tumalad, et al. vs. Vicencio, et al., G.R. L-30173, September 30, 1971. Torres, et al. vs. Limjap, G.R. L-30173, September 21, 1931. Acme Shoe, et al. vs CA, et al., G.R. 103576, August 22, 1996. Southern Motors vs. Moscosom G.R. L -14475, May 30, 1961. Levy Hermanos vs. Pacific Commercial, et al., G.R. L- 47784, April 18, 1941; Cruz, et al. vs. Filipinas Investment, G.R. L- 24772, May 27, 1968. Filipinas Investment vs. Vitug, G.R. L-25951, June 30, 1969. Spouses Rosario vs. PCI Leasing and Finance, Inc. G.R. 139233, November 11, 2005. PNB vs. Corpuz, G.R. 180945, February 12, 2010. AN ACT TO REGULATE THE SALE OF PROPERTY UNDER SPECIAL POWERS INSERTED IN OR ANNEXED TO REAL ESTATE MORTGAGES Act 3135 (1924), as amended by Act 4118 (1933), Sec. 6, RA 7353 (1992), Sec. 18, RA 7906 (1995), and Sec. 47, RA 8791 (2000). Topics Remedies available to mortgagee upon default of mortgagor Authority to foreclose mortgage extrajudicially Procedure Where to file Where to sell Posting requirements Publication of requirements Possession by purchase of foreclosed property Remedy of debtor if foreclosure not proper Redemption Cases Cando vs. Spouses Olazo, G.R. 160741, March 22, 2007. Caltex Phils. Vs. IAC, et al., G.R. 74730, August 25, 1989; Bank of America NT & SA vs. American Realty Corporation, et al., G.R. 133876, December 29, 1999; Suico Rattan & Buri Interiors, Inc., et al. vs. CA, et al., G.R. 138145, June 15, 2006. Spouses Yap vs. First e-Bank, G.R. 169889, September 29, 2009.

Erene vs. Querrer- Kauffman, G.R. 165853, June 22, 2006. PNB vs. Corpuz, G.R. 180945, February 12, 2010. Perez et al, vs. Perez, et al., G.R. 143768, March 28, 2005. PNB vs. Nepomuceno Productions, Inc. et al., G.R. 139479, December 27, 2002; Ouano vs. CA, et al., G.R. 129279, March 4, 2003. Olizon vs. CA, G.R. No. 107075, September 1, 1994. DBP vs. Aguirre and CA, G.R. 144877, September 7, 2001. DBP vs. CA and Emerald Resorts Hotel, G.R. 125838, June 10, 2003. Metropolitan Bank vs. Penafiel, G.R. 173976, February 27, 2009. Global Holiday Ownership Corporation vs. Metropolitan Bank, G.R. 184081, June 19, 2009. China Banking Corporation vs. Spouses Martir, G.R. 184252, September 11, 2009 Philippine National Bank vs. CA, et al., G.R. 167058, July 29, 2001 PNP vs. Spouses Cabatingan, et al., G.R. 167058, July 9, 2008 Spouses Certez, et al., vs. Philippine Savings Bank, G.R. 190078, March 5, 2010. Valmonte, et al., vs. CA, et al., G.R. L-41621, February 18, 1999. Samson, et al. vs. Rivera, et al., G.R. 154355, May 20, 2004; DBP vs. Spouses Gatal, G.R. 138567, March 4, 2005. Metropolitan Bank and Trust Company vs. Spouses Bance, G.R. 167280, April 30, 2008. China Banking Corporation vs. Spouses Lozada, G.R. 164919, July 4, 2008 Metropolitan Bank vs. Lamb Construction, G.R. 170906, November 27, 2009 Metropolitan Bank vs. Abad Santos et al., G.R. 157867, December 15, 2009. Spouses Landrito, Jr., et al., vs. CA, et al., G.R. 133079, August 9, 2005. Reyes vs. Noblejas, et al., G.R. L-23691, November 25, 1967. Lazo vs. Republic Surety, G.R. L-27365, January 30, 1970; Ibaan Rural Bank vs. CA, et al., G.R. 123817, December 17, 1999. Huerta Alba Resort vs. CA, et al., G.R. 128567, September 1. 2000. Belo vs. PNB. Et al., G.R. 134330, March 1, 2001 Metropolitan Bank vs. Spouses Tan, et al., G.R. 178449, October 17, 2008. Hi- yield Realty vs. CA, et al., G.R. 138978, September 12, 2002. Spouses Castro vs. Tan, et al., G.R. 168940, November 24, 2009. Tolention vs CA, et al., G.R. 171354, March 7, 2007. Heirs of Quisumbing vs. PNB, et al., G.R. 178242, January 20, 2009. DBP vs. Prime Neighbor Assn., G.R. 175728 & 178914. May 8, 2009. China Banking vs. Spouses Martir G.R. 184252, September 11, 2009. Spouses Yap vs. First e-Bank, G.R. 169889, September 29, 2009. Spouses Ochoa vs. China Banking, G.R.192877, March 23, 2011. General Milling vs. Spouses Ramos, G.R 193723, July 20, 2011. Spouses Yap vs. Spouses Dy. et al., G.R. 171868, July 27, 2011.