Suspension on stock brokerage I. Ackerman lifted

MANILA, Philippines–The Capital Markets Integrity Corp. (CMIC), the market regulation unit of the Philippine Stock Exchange, has lifted the suspension on stock brokerage I. Ackerman & Co. Inc. (IACI), the first American-owned stock brokerage in the country.

In a memorandum dated June 3, CMIC president Cornelio Gison said IACI – founded by the late stock market veteran Irving Ackerman who was one of the founders of the old Makati Stock Exchange – was determined to be in “substantial conformity” with its obligations relative to risk-based capital adequacy. It was earlier reported that the suspension, which took effect on May 23, was due to some deficiency in accounting reports needed to ascertain IACI’s capital adequacy. CMIC said it had lifted the involuntary suspension with certain conditions. This allows IACI to regain access to the trading facility of the PSE, clearing services of the Securities Clearing Corp. of the Philippines and the depository system of the Philippine Depository and Trust Corp.The late founder of IACI, Ackerman, was a New Yorker who established a stock brokerage career in the Philippines shortly after World War II.