Securities and Exchange Commission (Philippines)

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 responsible for regulating the securities industry in the Philippines. In addition to its regulatory functions, the SEC also maintains the country's company register.

Securities and Exchange Commission
Komisyon sa mga Panagot at Palitan
SEC logo
Agency overview
FormedOctober 26, 1936 (1936-10-26)
JurisdictionPhilippines
HeadquartersSecretariat Building, PICC Complex, Pasay City, Metro Manila, Philippines
Agency executive
  • Emilio Aquino, Chairperson
Websitewww.sec.gov.ph

An agency within Department of Finance, the SEC is temporarily headquartered at the Philippine International Convention Center in Pasay City, Metro Manila. It will due to transfer to a new site in Bonifacio Global City, Taguig City.

History

The SEC was created by Congress of the Philippines in 1936 as part of the Securities Act (Commonwealth Act No. 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 of the Philippines, but was restored in 1947.

Composition

Since 1981, the SEC has five commissioners. The current commissioners are:[1]

  • Emilio B. Aquino (Chairperson, appointed 2018)
  • Ephyro Luis B. Amatong (appointed 2014)
  • Javey Paul D. Francisco (appointed 2018)
  • Kelvin Lester K. Lee (appointed 2019)
  • Karlo S. Bello (appointed 2019)

Past commissioners included (incomplete list):

  • Manuel G. Abello (chairman, 1981–1986)
  • Perfecto R. Yasay, Jr. (chairman, 1995–2000)
  • Lilia R. Bautista (chairwoman, 2000–2004)[2]
  • Fe Barin (chairwoman, 2004–2011)[3]
  • Teresita J. Herbosa (chairwoman, 2011–2018)
  • Jesus E. Martinez (2002–2009)[4][5]
  • Raul Palabrica (2005–2012)
  • Thaddeus Venturanza (2006–2009)
  • Juanita Elegir-Cueto (2001–2014)
  • Eladio Jala (2009–2014)
  • Manuel Gaite (2009–2016)
  • Blas James Viterbo (2014–2018)

The SEC has two principal departments: (1) prosecution and enforcement and (2) supervision and monitoring.

Functions

Its major functions include registration of securities, analysis of every registered security, and the evaluation of the financial condition and operations of applicants for security issue.[6]

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

See also

References
  1. "Archived copy". Archived from the original on January 6, 2016. Retrieved October 31, 2017.CS1 maint: archived copy as title (link)
  2. "2007 Press Releases – WTO appoints four new Appellate Body members – Press 501". WTO. Retrieved September 11, 2012.
  3. http://www.abs-cbnnews.com/business/04/16/11/herbosa-new-sec-chair
  5. "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.
  6. "Powers and Functions". sec.gov.ph. Retrieved May 2, 2016.
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