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Securities and Exchange Commission (Philippines)
Encyclopedia
The Philippine Securities and Exchange Commission 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
.
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.
Past commissioners included (incomplete list):
The SEC has two principal departments: (1) prosecution and enforcement and (2) supervision and monitoring.
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
state commission responsible for securities
Security (finance)
A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...
laws and regulating the securities industry. The SEC is an agency within the Philippine Department of Finance
Department of Finance (Philippines)
The Philippines' Department of Finance is the executive department of the Philippine government responsible for the formulation, institutionalization and administration of fiscal policies, management of the financial resources of the government, supervision of the revenue operations of all local...
.
The SEC is currently headquartered in Mandaluyong City
Mandaluyong City
The City of Mandaluyong is one of the cities and municipalities that comprise Metro Manila in the Philippines. It is bordered on the west by the country's capital, Manila, to the north by San Juan City, to the east by Quezon City and Pasig City, and by Makati City to the south...
in central Metro Manila
Metro Manila
Metropolitan Manila , the National Capital Region , or simply Metro Manila, is the metropolitan region encompassing the City of Manila and its surrounding areas in the Philippines...
.
History
The SEC was created by CongressCongress of the Philippines
The Congress of the Philippines is the national legislature of the Republic of the Philippines. It is a bicameral body consisting of the Senate , and the House of Representatives although commonly in the Philippines the term congress refers to the latter.The Senate is composed of 24 senators half...
in 1936 as part of the Securities Act (#83). This occurred just two years after the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
created the United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
. The first commissioner of the SEC was Ricardo Nepomuceno. The SEC was not in operation during the Japanese occupation
Military history of the Philippines during World War II
The Commonwealth of the Philippines was invaded by the Empire of Japan in December 1941 shortly after Japan's declaration of war upon the United States of America, which controlled the Philippines at the time and possessed important military bases there. The combined American-Filipino army was...
, but was restored in 1947.
Composition
Since 1981, the SEC has five commissioners. In 2010 the commissioners were- Fe Barin (Chairwoman, appointed 2004)
- Juanita Elegir-Cueto (appointed 2001)
- Raul Palabrica (appointed 2005)
- Manuel B. Gaite (appointed 2009)
- Eladio M. JalaEladio M. JalaEladio Manligues Jala is a Philippine lawyer and politician.- Biography :It is a long way from rural Loboc in Bohol to the congressional halls in Batasan Hills in Quezon City...
(appointed 2009)
Past commissioners included (incomplete list):
- Lilia R. Bautista (Chairwoman, 2000–2004)
- Jesus E. Martinez (2002–2009)
- Thaddeus Venturanza (2006–2009)
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 subpoenaSubpoenaA subpoena is a writ by a government agency, most often a court, that has authority to compel testimony by a witness or production of evidence under a penalty for failure. There are two common types of subpoena:...
s, punish for contemptContemptContempt is an intensely negative emotion regarding a person or group of people as inferior, base, or worthless—it is similar to scorn. It is also used when people are being sarcastic. Contempt is also defined as the state of being despised or dishonored; disgrace, and an open disrespect or willful...
, and issue cease and desistCease and desistA cease and desist is an order or request to halt an activity and not to take it up again later or else face legal action. The recipient of the cease-and-desist may be an individual or an organization....
orders in furtherance of its law enforcement mission