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This page
contains
the full text ofGUIDELINES
ON INTRA-CORPORATE CASES PENDING BEFORE THE SICD AND THE COMMISSION EN
BANC OF THE SECURITIES AND EXCHANGE COMMISSIONSECURITIES
REGULATION CODE[Republic
Act No. 8799]
_______________________________________________________SECURITIES
AND EXCHANGE COMMISSIONSECURITIES
INVESTIGATION AND CLEARING DEPARTMENTSEC
Building, EDSA, Greenhills, City of MandaluyongGUIDELINES
ON INTRA-CORPORATE CASES PENDING BEFORE THE SICD AND THE COMMISSION EN
BANC OF THE SECURITIES AND EXCHANGE COMMISSIONPursuant
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.
LILIA
R. BAUTISTAChairman
FE
ELOISA C. GLORIAAssociate
Commissioner
EDIJER
A. MARTINEZAssociate
Commissioner
JOSELIA
J. POBLADORAssociate
Commissioner
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