Easing of SEC rules on missed registration deadlines backed | Inquirer Business
Close  

Easing of SEC rules on missed registration deadlines backed

By: - Reporter / @daxinq
/ 12:34 AM July 31, 2015

The decision of the Securities and Exchange Commission to relax rules on companies that miss their corporate registration deadlines received the support of Senator Bam Aquino, who chairs the Senate committee on trade, commerce and entrepreneurship.

The SEC’s decision to extend the deadline for these companies to appeal the revocation or suspension of their registration is aligned with the agency’s proposal to amend the Corporation Code and allow perpetual terms for corporations, among others.

ADVERTISEMENT

Aquino—the principal sponsor of the bill amending the Corporation Code—stressed, however, that the SEC should include in the relaxation of its rules the extension of the corporate terms of corporations with pending or decided cases in their favor.

“In fact, in the last meeting of the Senate technical working group, all stakeholders have agreed to this proposal by the SEC,” the senator said.

FEATURED STORIES

The senator agreed to SEC Chair Teresita Herbosa’s statement that the move was in line with the government’s goal of easing requirements in 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,” he said.

Also, Aquino called on the SEC to be more vigilant in monitoring investment scams.

“The SEC, as part of its regulatory function, should focus its resources on 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,” he said.

“I will review the proposed amendments to the Corporation Code to ensure that there will be safeguards against illicit investment schemes and that those who are directly involved and those in the SEC who allow the scams to happen are held liable.”

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: amendment, Corporation Code, investment scams, registration, Securities and Exchange Commission, Senate committee on trade commerce and entrepreneurship, Senator Bam Aquino
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.