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Securities and Exchange Commission (Philippines)

March 17, 2023

The Securities and Exchange Commission (Filipino: Komisyon sa mga Panagot at Palitan, commonly known as SEC) is the agency of the Government of the Philippines charged with the registration and supervision of corporations and securities, as well as capital market institutions and participants, in the Philippines. As such, the Commission champions investor protection in the Philippines, as part of its mandate.

Securities and Exchange Commission
Komisyon sa mga Panagot at Palitan
Agency overview
FormedOctober 26, 1936; 86 years ago (1936-10-26)
JurisdictionPhilippines
Headquarters7907 Makati Avenue, Bel-Air, Makati, Metro Manila, Philippines
MottoYour gateway to doing business in the Philippines
Agency executive
  • Emilio B. Aquino, Chairperson
Parent departmentDepartment of Finance
Key document
  • The Securities Regulation Code[1]
Websitewww.sec.gov.ph

An agency under the Department of Finance, the SEC is headquartered at 7907 Makati Avenue, Barangay Bel-Air, Makati City. It has nine extension offices located in Baguio, Tarlac, Legazpi, Iloilo, Bacolod, Cebu, Cagayan de Oro, Davao and Zamboanga.

History

The SEC was established on October 26, 1936, by virtue of Commonwealth Act No. 83, or the Securities Act, in order to safeguard public interest in view of the local stock market boom at the time. It was created just two years after the United States Congress created the United States Securities and Exchange Commission.

The Commission's operations formally began on November 11, 1936, with Ricardo Nepumoceno serving as its first commissioner. Its functions then largely revolved around the registration of securities, analysis of every registered security, evaluation of the financial condition and operations of applicants for security issuances, screening of applications for broker’s or dealer’s license, and supervision of stock and bond brokers, and stock exchanges.

The SEC was abolished during the Japanese occupation of the Philippines and was replaced with the Philippine Executive Commission. It was reactivated later in 1947 with the restoration of the Commonwealth Government.

Due to the changes in the business environment, then President Ferdinand E. Marcos reorganized the SEC on September 29, 1975. Under Presidential Decree No. 902-A, the Commission shall have absolute jurisdiction, supervision and control over all corporations, partnerships or associations, who are the grantees of primary franchise and/or a license or permit issued by the government to operate in the Philippines.

In 1981, the SEC was expanded with two additional commissioners and two departments–one for prosecution and enforcement, and another for supervision and monitoring.

In 2000, the SEC was reorganized, as Republic Act (RA) No. 8799, or the Securities Regulation Code, gave greater focus on the Commission’s role in developing the capital market, fostering good corporate governance and enhancing investor protection.

Meanwhile, the Commission’s mandate to champion the corporate sector received a great boost from Republic Act No. 11232, or the Revised Corporation Code of the Philippines (RCC). President Rodrigo Roa Duterte signed the revision of the almost four-decade-old Batas Pambansa Blg. 68 on February 21, 2019, as part of his legislative priorities and 10-point economic agenda, specifically on increasing the economy's competitiveness, and improving the ease of doing business in the country.

Composition

The SEC carries out its mandate and functions under the direction of the chairperson, who concurrently serves as the chief executive officer, together with four commissioners. The current chairperson and commissioners are:[2]

  • Emilio B. Aquino (Chairperson, appointed 2018)
  • Javey Paul D. Francisco (appointed 2018)
  • Kelvin Lester K. Lee (appointed 2019)
  • Karlo S. Bello (appointed 2019)
  • Mcjill Bryant T. Fernandez (appointed 2022)

Past commissioners include (incomplete list):

  • Manuel G. Abello (chairperson, 1981–1986)
  • Perfecto Yasay Jr. (chairperson, 1995–2000)
  • Lilia R. Bautista (chairperson, 2000–2004)[3]
  • Fe Barin (chairperson, 2004–2011)[4]
  • Teresita J. Herbosa (chairperson, 2011–2018)
  • Jesus E. Martinez (commissioner, 2002–2009)[5][6]
  • Raul Palabrica (commissioner, 2005–2012)
  • Thaddeus Venturanza (commissioner, 2006–2009)
  • Juanita Elegir-Cueto (commissioner, 2001–2014)
  • Eladio Jala (commissioner, 2009–2014)
  • Manuel Gaite (commissioner, 2009–2016)
  • Blas James Viterbo (commissioner, 2014–2018)
  • Antonieta F. Ibe (commissioner, 2012–2019)
  • Ephyro Luis B. Amatong (commissioner, 2014–2022)

The SEC operates through four operating departments, four support services departments, three special offices, and nine extension offices, as follows:

Operating Departments

  • Company Registration and Monitoring Department (CRMD)
  • Markets and Securities Regulation Department (MSRD)
  • Corporate Governance and Finance Department (CGFD)
  • Enforcement and Investor Protection Department (EIPD)

Support Services Departments

  • Human Resource and Administrative Department (HRAD)
  • Economic Research and Training Department (ERTD)
  • Information and Communications Technology Department (ICTD)
  • Financial Management Department (FMD)

Special Offices

  • Office of the Commission Secretary (OCS)
  • Office of the General Counsel (OGC)
  • Office of the General Accountant (OGA)

Extension Offices

  • SEC Baguio Extension Office
  • SEC Tarlac Extension Office
  • SEC Legazpi Extension Office
  • SEC Iloilo Extension Office
  • SEC Bacolod Extension Office
  • SEC Cebu Extension Office
  • SEC Cagayan de Oro Extension Office
  • SEC Davao Extension Office
  • SEC Zamboanga Extension Office

Functions

The major functions of the SEC include the registration and supervision of corporations, including financing and lending companies. It is also charged with the registration of securities, analysis of every registered security, and the evaluation of the financial condition and operations of applicants for security issue.[7]

The SEC is among the few securities commissions in the world that simultaneously acts as a corporate registrar and a securities regulator. Such a dual role allows the Commission a comprehensive view of the business and investment landscape, and for a more coordinated and enabling regulatory environment.

Aside from enforcing the country’s corporation and securities laws, the SEC acts either as a lead or as a support agency in administering and enforcing the following related laws:

  • Ease of Doing Business and Efficient Government Service Delivery Act of 2018 (RA No.11032)
  • Anti-Money Laundering Act of 2001 (RA No.10365), as amended
  • Microfinance Non-Government Organizations (NGOs) Act (RA No.10693)
  • Real Estate Investment Trust (REIT) Act of 2009 (RA No. 9856)
  • Financial Institutions Strategic Transfer (FIST) Act (RA No.11523)
  • Credit Information System Act (CISA) (RA No. 9510)
  • Lending Company Regulation Act (LCRA) of 2007 (RA No. 9474)
  • Financing Company Act (FCA) (RA No. 8556), as amended
  • Investment Company Act (RA No. 2629), as amended, and its Implementing Rules and Regulations (IRR)
  • Investment Houses Law (PD No. 129)
  • Civil Code of the Philippines (RA No. 386, Title IX - Partnership)
  • Retail Trade Liberalization Act of 2000 (RA No. 8762)
  • Foreign Investments Act of 1991 (RA No. 7402), as amended
  • Omnibus Investments Code of 1987 (E.O. No. 226, Book III)
  • Securitization Act of 2004 (RA No. 9267)
  • Anti-Dummy Law (Commonwealth Act No. 108), as amended
  • Personal Equity and Retirement Account Act of 2008 (RA No. 9505)
  • Financial Products and Services Consumer Protection Act (RA No. 11765)

See also

References

  1. ^ "The Securities Regulation Code". Republic Act No. 8799 of July 19, 2000 (PDF). Congress of the Philippines.
  2. ^ . Archived from the original on January 6, 2016. Retrieved October 31, 2017.
  3. ^ "2007 Press Releases – WTO appoints four new Appellate Body members – Press 501". WTO. Retrieved September 11, 2012.
  4. ^ http://www.abs-cbnnews.com/business/04/16/11/herbosa-new-sec-chair[bare URL]
  5. ^ http://www.manilatimes.net/national/2009/march/12/yehey/top_stories/20090312top3.html[dead link]
  6. ^ . .gmanews.tv. May 6, 2009. Archived from the original on October 6, 2011. Retrieved September 11, 2012.
  7. ^ "Powers and Functions". sec.gov.ph. Retrieved May 2, 2016.

External links

  • Official web site
  • Securities Regulation Code

March 17, 2023
securities, exchange, commission, philippines, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, securities, exchange,. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Securities and Exchange Commission Philippines news newspapers books scholar JSTOR September 2022 Learn how and when to remove this template message The Securities and Exchange Commission Filipino Komisyon sa mga Panagot at Palitan commonly known as SEC is the agency of the Government of the Philippines charged with the registration and supervision of corporations and securities as well as capital market institutions and participants in the Philippines As such the Commission champions investor protection in the Philippines as part of its mandate Securities and Exchange CommissionKomisyon sa mga Panagot at PalitanAgency overviewFormedOctober 26 1936 86 years ago 1936 10 26 JurisdictionPhilippinesHeadquarters7907 Makati Avenue Bel Air Makati Metro Manila PhilippinesMottoYour gateway to doing business in the PhilippinesAgency executiveEmilio B Aquino ChairpersonParent departmentDepartment of FinanceKey documentThe Securities Regulation Code 1 Websitewww wbr sec wbr gov wbr phAn agency under the Department of Finance the SEC is headquartered at 7907 Makati Avenue Barangay Bel Air Makati City It has nine extension offices located in Baguio Tarlac Legazpi Iloilo Bacolod Cebu Cagayan de Oro Davao and Zamboanga Contents 1 History 2 Composition 3 Functions 4 See also 5 References 6 External linksHistory EditThe SEC was established on October 26 1936 by virtue of Commonwealth Act No 83 or the Securities Act in order to safeguard public interest in view of the local stock market boom at the time It was created just two years after the United States Congress created the United States Securities and Exchange Commission The Commission s operations formally began on November 11 1936 with Ricardo Nepumoceno serving as its first commissioner Its functions then largely revolved around the registration of securities analysis of every registered security evaluation of the financial condition and operations of applicants for security issuances screening of applications for broker s or dealer s license and supervision of stock and bond brokers and stock exchanges The SEC was abolished during the Japanese occupation of the Philippines and was replaced with the Philippine Executive Commission It was reactivated later in 1947 with the restoration of the Commonwealth Government Due to the changes in the business environment then President Ferdinand E Marcos reorganized the SEC on September 29 1975 Under Presidential Decree No 902 A the Commission shall have absolute jurisdiction supervision and control over all corporations partnerships or associations who are the grantees of primary franchise and or a license or permit issued by the government to operate in the Philippines In 1981 the SEC was expanded with two additional commissioners and two departments one for prosecution and enforcement and another for supervision and monitoring In 2000 the SEC was reorganized as Republic Act RA No 8799 or the Securities Regulation Code gave greater focus on the Commission s role in developing the capital market fostering good corporate governance and enhancing investor protection Meanwhile the Commission s mandate to champion the corporate sector received a great boost from Republic Act No 11232 or the Revised Corporation Code of the Philippines RCC President Rodrigo Roa Duterte signed the revision of the almost four decade old Batas Pambansa Blg 68 on February 21 2019 as part of his legislative priorities and 10 point economic agenda specifically on increasing the economy s competitiveness and improving the ease of doing business in the country Composition EditThe SEC carries out its mandate and functions under the direction of the chairperson who concurrently serves as the chief executive officer together with four commissioners The current chairperson and commissioners are 2 Emilio B Aquino Chairperson appointed 2018 Javey Paul D Francisco appointed 2018 Kelvin Lester K Lee appointed 2019 Karlo S Bello appointed 2019 Mcjill Bryant T Fernandez appointed 2022 Past commissioners include incomplete list Manuel G Abello chairperson 1981 1986 Perfecto Yasay Jr chairperson 1995 2000 Lilia R Bautista chairperson 2000 2004 3 Fe Barin chairperson 2004 2011 4 Teresita J Herbosa chairperson 2011 2018 Jesus E Martinez commissioner 2002 2009 5 6 Raul Palabrica commissioner 2005 2012 Thaddeus Venturanza commissioner 2006 2009 Juanita Elegir Cueto commissioner 2001 2014 Eladio Jala commissioner 2009 2014 Manuel Gaite commissioner 2009 2016 Blas James Viterbo commissioner 2014 2018 Antonieta F Ibe commissioner 2012 2019 Ephyro Luis B Amatong commissioner 2014 2022 The SEC operates through four operating departments four support services departments three special offices and nine extension offices as follows Operating Departments Company Registration and Monitoring Department CRMD Markets and Securities Regulation Department MSRD Corporate Governance and Finance Department CGFD Enforcement and Investor Protection Department EIPD Support Services Departments Human Resource and Administrative Department HRAD Economic Research and Training Department ERTD Information and Communications Technology Department ICTD Financial Management Department FMD Special Offices Office of the Commission Secretary OCS Office of the General Counsel OGC Office of the General Accountant OGA Extension Offices SEC Baguio Extension Office SEC Tarlac Extension Office SEC Legazpi Extension Office SEC Iloilo Extension Office SEC Bacolod Extension Office SEC Cebu Extension Office SEC Cagayan de Oro Extension Office SEC Davao Extension Office SEC Zamboanga Extension OfficeFunctions EditThe major functions of the SEC include the registration and supervision of corporations including financing and lending companies It is also charged with the registration of securities analysis of every registered security and the evaluation of the financial condition and operations of applicants for security issue 7 The SEC is among the few securities commissions in the world that simultaneously acts as a corporate registrar and a securities regulator Such a dual role allows the Commission a comprehensive view of the business and investment landscape and for a more coordinated and enabling regulatory environment Aside from enforcing the country s corporation and securities laws the SEC acts either as a lead or as a support agency in administering and enforcing the following related laws Ease of Doing Business and Efficient Government Service Delivery Act of 2018 RA No 11032 Anti Money Laundering Act of 2001 RA No 10365 as amended Microfinance Non Government Organizations NGOs Act RA No 10693 Real Estate Investment Trust REIT Act of 2009 RA No 9856 Financial Institutions Strategic Transfer FIST Act RA No 11523 Credit Information System Act CISA RA No 9510 Lending Company Regulation Act LCRA of 2007 RA No 9474 Financing Company Act FCA RA No 8556 as amended Investment Company Act RA No 2629 as amended and its Implementing Rules and Regulations IRR Investment Houses Law PD No 129 Civil Code of the Philippines RA No 386 Title IX Partnership Retail Trade Liberalization Act of 2000 RA No 8762 Foreign Investments Act of 1991 RA No 7402 as amended Omnibus Investments Code of 1987 E O No 226 Book III Securitization Act of 2004 RA No 9267 Anti Dummy Law Commonwealth Act No 108 as amended Personal Equity and Retirement Account Act of 2008 RA No 9505 Financial Products and Services Consumer Protection Act RA No 11765 See also EditList of financial regulatory authorities by country List of company registersReferences Edit The Securities Regulation Code Republic Act No 8799 of July 19 2000 PDF Congress of the Philippines Securities and Exchange Commission Republic of the Philippines Archived from the original on January 6 2016 Retrieved October 31 2017 2007 Press Releases WTO appoints four new Appellate Body members Press 501 WTO Retrieved September 11 2012 http www abs cbnnews com business 04 16 11 herbosa new sec chair bare URL http www manilatimes net national 2009 march 12 yehey top stories 20090312top3 html dead link QTV Former SEC exec Jesus Martinez dies of cancer GMA News Online The Go To Site for Filipinos Everywhere gmanews tv May 6 2009 Archived from the original on October 6 2011 Retrieved September 11 2012 Powers and Functions sec gov ph Retrieved May 2 2016 External links EditOfficial web site SEC Citizen s Manual Securities Regulation Code Retrieved from https en wikipedia org w index php title Securities and Exchange Commission Philippines amp oldid 1119176422, wikipedia, wiki, book, books, library,

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