Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1799)
The main policy is to encourage and preserve the confidentiality of deposits in banking institutions.
It amends further Section 6 of Presidential Decree No. 902-A.
The power of the SEC to appoint management committees and receivers for corporations is clarified to ensure it does not overlap with other government agencies' regulatory powers.
The SEC may appoint one or more receivers of the property that is the subject of the action pending before the Commission, including rehabilitation receivers for corporations, partnerships, or other associations not supervised or regulated by other government agencies.
Rehabilitation receivers have the powers of a regular receiver and additional functions and powers as provided in the law, including overruling or revoking actions of the previous management or board of directors.
No, the management committee or rehabilitation receiver shall not be subject to any action, claim, or demand for acts done in good faith within their functions or powers.
The SEC can issue subpoena duces tecum, summon witnesses, and order the examination, search, and seizure of documents, papers, files, tax returns, and books of accounts when necessary for investigations or case dispositions.
Yes, the subpoena power and related investigatory powers are exercised notwithstanding any provisions of law to the contrary.
All laws, decrees, rules, and regulations inconsistent with PD No. 1799 are repealed or modified accordingly.
It took effect immediately upon its signing on January 16, 1981.