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Point of Law

The following articles were written by Francisco Ed. Lim and also published in The Philippine Daily Inquirer.

Pari Delicto Doctrine in Insider Trading Cases
Francisco Ed. Lim

November 28, 2013

In my column last October 31, I wrote about a Supreme Court case that used the pari delicto doctrine to prevent a broker from recovering the unpaid purchase price of stock market trades, which it made for a client in violation of the mandatory close-out rule under the Revised Securities Act (Abacus Securities Corporation vs. Ampil [483 SCRA 315, 27 February 2006]). I then posed the question... Read More

Developing the Municipal Bond Market
Francisco Ed. Lim

March 13, 2013

Municipal bonds, more popularly known as “munis” abroad, are debt obligations issued by states, cities, municipalities, state enterprises, and other governmental entities below the national level. The proceeds of these bonds are used to build roads, bridges, schools, highways, railway systems, hospitals, sewer systems, and many other projects for the public good. Municipal bonds have... Read More

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