The Philippine Securities and Exchange Commission (Sec) is a Philippine state commission which was established in 1936 by Congress as a part of the securities act. The commission is responsible for creating and enforcing laws related to the securities market and to regulate the securities industry.
The Philippine Securities and Exchange Commission is an arm of the Philippine Department of Finance. Ricardo Nepomuceno was the first commissioner of the Philippine Securities and Exchange Commission. The SEC remained inactive during the Japanese occupation and Philippine Executive Commission took over the charge.
Again in 1947, when the Commonwealth Government was restored, SEC was also restored. Because of the major changes in the market, the agency also needed some reformations, and these were done under President Ferdinand Marcos on 29th September 1975.
After reformation it was made a collegial body with three commissioners (right now five), and was given quasi-judicial powers under PD902-A.
In 2007, the Commissioners were:
Fe Barin (Chairwoman, appointed 2004)
Juanita Elegir-Cueto (appointed2001)
Jesus Martinez (appointed 2002)
Raul Palabrica (appointed 2005)
Thaddeus Venturanza (appointed 2006)
The SEC consists of two principal departments:
Prosecution and enforcement
Supervision and monitoring.
Functions of Philippine Securities and Exchange Commission
To supervise all the registered business entities in the country, which includes suspensions and revocations of their registrations
To find out the best policy regarding the securities market
Controlling and giving approval to the security registration statements
To investigate the violations of the securities laws and to take reformatory steps
SEC can issue subpoenas, can punish for contempt, and can issue necessary orders to enforce the securities laws
Last Updated on : 26th June 2013