Securities and Exchange Commission (Philippines)
- Securities and Exchange Commission (Philippines)
:"See also Securities and Exchange Commission for other similarly named organizations"The Philippine Securities and Exchange Commission (Filipino: "Komisyon ng Paseguro at Palitan", commonly known as SEC) is a Philippine state commission responsible for securities laws and regulating the securities industry. The SEC is an agency within the Philippine Department of Finance.
The SEC is currently headquartered in Mandaluyong City in central Metro Manila.
History
The SEC was created by Congress in 1936 as part of the Securities Act (#83). This occurred just two years after the United States Congress created the United States Securities and Exchange Commission. The first commissioner of the SEC was Ricardo Nepomuceno. The SEC was not in operation during the Japanese occupation, but was restored in 1947.
Composition
Since 1981, the SEC has five commissioners. In 2007 the commissioners were
*Fe Barin (Chairwoman, appointed 2004)
*Juanita Elegir-Cueto (appointed 2001)
*Jesus Martinez (appointed 2002)
*Raul Palabrica (appointed 2005)
*Thaddeus Venturanza (appointed 2006)
The SEC has two principal departments: (1) prosecution and enforcement and (2) supervision and monitoring.
Functions
The functions of the SEC are defined in Section 5 of the Securities Regulation Code, and include the following major areas:
*Supervision over all registered business entities in the country, including suspensions and revocations of their registrations
*Policymaking with regard to the market in securities
*Control over and approval of security registration statements
*Power to investigate violations of securities laws and to impose sanctions for such violations
*Power to issue subpoenas, punish for contempt, and issue cease and desist orders in furtherance of its law enforcement mission
External links
* [http://www.sec.gov.ph Official web site]
* [http://www.sec.gov.ph/sec-cmanual.htm SEC Citizen's Manual]
* [http://www.chanrobles.com/republicactno8799.htm Securities Regulation Code]
* [http://www.manilastandardtoday.com/?page=business2_jan12_2007 Example of news coverage]
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