SEC drafts rules on appeals

The Securities and Exchange Commission (SEC) is drafting rules to standardize the procedure for all appeals arising from any order, ruling, decision or action by any SEC officer or committee.

The committee formed to come up with the consolidated rules on appeals include SEC associate commissioner Jesus Martinez (chairman), SEC general counsel Vernette Umali-Paco and legal officers Francis Taparan, Celso Ilagan, and Francia Manlapaz.

Under the proposed rules earlier drafted by the Office of the General Counsel, all appeals must be filed directly and exclusively with the OGC.

The SEC will include as subject of the rules on appeal cases for inspection of corporate books and calling of meetings and all final actions on matters delegated to extension offices.

Parties may also appeal penalties imposed for non-compliance with reportorial requirements and decisions on complaints against pre-need companies and corporate officers.

Actions of hearings and officials with delegated authority may also be appealed to the Commission en banc.

The parties have 15 to 30 days to appeal the case.