Legislative History
| House Bill/Resolution NO. HB09933 |
| FULL TITLE : AN ACT TO STRENGTHEN THE REGULATORY POWERS OF THE SECURITIES AND EXCHANGE COMMISSION BY TRANSFERRING ITS QUASI-JUDICIAL FUNCTIONS TO SPECIALIZED COMMERCIAL COURTS AND FOR OTHER PURPOSES |
| ABSTRACT : Rationale: The Securities and Exchange Commission (SEC) has three major functions. It acts as SECURITIES REGULATOR under the Revised Securities Act (B.P. Blg. 178). It also acts as the CORPORATE REGISTER under the Corporation Code. PD 902-A vests on the Commission original and exclusive JURISDICTION over fraudulent acts perpetrated by corporations, intra and inter-corporate disputes, controversies in the election of corporate directors or trustees, and petitions of corporations for suspensionof payments.> In recent years, however, the retirement of more experienced and competent hearing officers in the Commission has forced the Commission to hire younger and inexperienced hearing officers who promulgate decisions which more often than noot, are reversed on appeal by the Commission en banc. Thus, a significant amount of the Commissioner's time is spent in correcting decisions of its subordinates, which it could have devoted instead to regulating the secutiries market, encouraging th |
| PRINCIPAL AUTHOR/S : FAJARDO, PACIFICO M. |
| DATE FILED : 2000-03-17 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON JUSTICE ON 2000-03-27 |
| SECONDARILY REFERRED TO THE COMMITTEE(S) ON TRADE AND INDUSTRY |
Abstract
Rationale: The Securities and Exchange Commission (SEC) has three major functions. It acts as SECURITIES REGULATOR under the Revised Securities Act (B.P. Blg. 178). It also acts as the CORPORATE REGISTER under the Corporation Code. PD 902-A vests on the Commission original and exclusive JURISDICTION over fraudulent acts perpetrated by corporations, intra and inter-corporate disputes, controversies in the election of corporate directors or trustees, and petitions of corporations for suspensionof payments.> In recent years, however, the retirement of more experienced and competent hearing officers in the Commission has forced the Commission to hire younger and inexperienced hearing officers who promulgate decisions which more often than noot, are reversed on appeal by the Commission en banc. Thus, a significant amount of the Commissioner's time is spent in correcting decisions of its subordinates, which it could have devoted instead to regulating the secutiries market, encouraging th
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.