Question & AnswerQ&A (PRESIDENTIAL DECREE NO. 1653)
The SEC is composed of a Chairman and two Associate Commissioners appointed by the President, each serving a seven-year term, with the first appointees serving staggered terms of seven, five, and three years respectively.
The Chairman receives an annual salary and allowances equivalent to the Presiding Justice of the Court of Appeals, while the Associate Commissioners receive equivalent salaries and allowances to the Associate Justices of the Court of Appeals, including retirement benefits and other privileges similar to those of the Court of Appeals justices.
The Secretary of the SEC is of equal rank with a Department Director, serves as the recorder and official reporter of the Commission's proceedings, and has the authority to administer oaths in all matters under the Commission's jurisdiction.
The Executive Director is responsible for effectively implementing the policies, rules, and standards of the SEC, coordinating and supervising its units, and reporting operations to the Chairman.
The SEC is empowered to issue writs of attachment in cases under its jurisdiction to preserve the rights of the parties involved, following pertinent provisions of the Rules of Court.
The SEC may appoint one or more receivers for real and personal property involved in cases pending before it, or in other cases necessary to protect rights of litigants and interests of the investing public and creditors.
The SEC can create and appoint a management committee or board to manage corporations, partnerships, or associations where there is imminent danger to assets or business operations, and the Chairman or any Commissioner may sit as ex-officio members of such committees.
The SEC has seven departments: Corporate and Legal; Examiners and Appraisers; Brokers and Exchanges; Money Market Operations; Securities Investigation and Clearing; Investments and Research; and Administrative and Finance Departments, with authority to create additional departments as necessary.
Upon expiration of a member's term, they shall continue to serve until their successor has been appointed and qualified, and vacancies shall only be filled for the unexpired term.
It provides that any provision of law, decree, order, rules, and regulations inconsistent with PD No. 1653 is repealed, amended, or modified accordingly.