Use of facilities of unregistered exchange prohibited.
Section 21
SEC. 21. Use of facilities of unregistered exchange prohibited.—It shall be unlawful for any broker, dealer, salesman or exchange, directly or indirectly, to make use of any facility of an exchange in the Philippines to effect any transaction in a security or to report such transaction, unless a registration is effective as to such security or such security is exempted from registration under the provisions of this Act and such exchange is registered as a securities exchange under this Act, or is exempted from such registration upon application by the exchange because, in the opinion of the Commission, by reason of the limited volume of transactions effected on the exchange, it is not practicable and not necessary or appropriate in the public interest or for the protection of investors to require such registration. (16a)