Section 1
SECTION 1. The paragraph added by Section 2 of Presidential Decree No. 678 to Section 4 of Commonwealth Act No. 83 is hereby amended to read as follows: “Notwithstanding the provision of the preceding paragraph regarding exemptions, and any other provision of this Act and all other existing laws, commercial papers as defined in Section 1 hereof shall be registered by the Securities and Exchange Commission in accordance with the requirements of full disclosure in the public interest and rules and regulations on procedural registration that shall be promulgated by the Securities and Exchange Commission, after approval by the Monetary Board. Interbank loans may be exempted from registration as may be necessary in the public interest. The Monetary Board is hereby authorized to promulgate rules on the monetary and credit aspects of commercial paper issues, which may include the imposition of ceilings on an industry-wide basis on commercial paper issues by any single issuer. The Monetary Board shall have the power of supervision in the enforcement of such rules and it may require issuers to submit their financial statements and other relevant reports to the Central Bank on a regular or periodic basis.