Pursuant to paragraph 5.2, Section 5 of Republic Act No. 8799, otherwise known as "The Securities Regulation Code," the following guidelines on the disposition of cases before the SICD and the Commission En Banc prior to the transfer of Commission’s jurisdiction over all cases enumerated under Section 5 of Presidential Decree No. 902-A and corporate recovery/rehabilitation cases to the Courts of general jurisdiction or the appropriate Regional Trial Courts are hereby issued for strict compliance by all concerned.
Section 1. Intra-corporate and suspension of payments or rehabilitation cases may still be filed with the Securities and Exchange Commission on or before August 8, 2000. However, the parties-litigants or their counsels or representatives shall be advised that the jurisdiction of the Commission over these cases shall be eventually transferred to the Regional Trial Courts upon the effectivity of The Securities Regulation Code by August 9, 2000.
Section 2. Prayers for temporary restraining order or injunction or suspension of payment order contained in cases filed under the preceding section may be acted upon favorably provided that the effectivity of the corresponding order shall only be up to August 8, 2000. Prayers for other provisional remedies shall no longer be acted upon by the Commission. In all these cases, the parties-litigants or their counsels or representatives shall be advised that the said cases will eventually be transferred to the regular courts by August 9, 2000.
Section 3. The Commission shall retain jurisdiction over pending intra-corporate disputes submitted for final resolution which shall be resolved within one (1) year from July 19, 2000, the enactment of The Securities Regulation Code .
Section 4. The Commission shall retain jurisdiction over pending suspension of payment or rehabilitation cases filed on or before June 30, 2000 until finally disposed of or until the termination of the liquidation proceedings.
Section 5. All cases already decided by the Securities Investigation and Clearing Department (SICD) may be elevated to the Commission en banc on appeal provided that the appeal is perfected on or before August 8, 2000.
No appeal shall be accepted by the Commission thereafter.
Section 6. Subject to any circular that may be issued by the Supreme Court on the matter, all cases over which the Commission has not retained jurisdiction under The Securities Regulation Code shall, upon its effectivity on August 9, 2000 be transferred to the Regional Trial Courts.
Section 7. These Guidelines shall take effect immediately upon its approval by the Commission.
Mandaluyong City, Philippines.
August 1, 2000.