Solon lauds SEC move on revocation appeals

MANILA, Philippines - Sen. Paolo Benigno ‘Bam’ Aquino IV welcomed the decision of the Securities and Exchange Commission to lift the deadline for errant firms to appeal the revocation or suspension of their corporate registration.

Aquino, chairman of the Committee on Trade, Commerce and Entrepreneurship, meanwhile, urged the SEC to also include in the relaxation of its rules those corporations which have pending and decided cases.

“In fact, in the last meeting of the Senate Technical Working Group, all the stakeholders have agreed to this proposal by SEC,” Aquino said.

Aquino agreed with SEC chairperson Teresita Herbosa the lifting of the deadline was in line with government’s goal of easing requirements of doing business in the country.

“The SEC should be able to relax its rules, as it has previously done in other cases, to enable businesses to thrive instead of singling out companies with huge investments,” he said.

 Corporations whose registration had already been revoked or suspended may now appeal their case anytime instead of the Dec. 31, 2015 deadline earlier set by the SEC.

Aquino likewise called on the SEC to be extra vigilant in monitoring investment scams.

“The SEC, as part of its regulatory function, should focus its resources in running after those engaged in illegal activities targeting the masses who not only have limited resources, but are heavily hit economically by these illicit schemes,” Aquino said.

“I will review the proposed amendments on the Corporation Code to ensure that there will be safeguards against illicit investment schemes and to ensure that those who are directly involved and those within the SEC who allow the same to happen are held liable, “ he added.