Question & AnswerQ&A (Republic Act No. 3019)
Securities issued or guaranteed by the Government of the Philippines or its political subdivisions, agencies, public instrumentalities, or persons controlled or supervised by the government; certificates of deposit for the foregoing; securities issued or guaranteed by banking institutions authorized to do business in the Philippines and supervised by the Bureau of Banking; and securities issued or guaranteed by foreign governments with which the Philippines maintains diplomatic relations, including valid obligations recognized in the Philippines.
The SEC can enter an order of suspension of the sale of a security, hold a prompt hearing for interested parties, and if justified on grounds specified in section twelve, issue a final order revoking the sale of the security. Appeals from such orders may be taken to the Supreme Court.
The suspension is confidential and shall not be published unless there is a violation of the order after notice. It is binding on notified persons but remains confidential until the final order is entered.
They may file a written petition within thirty days after the order's entry with the Supreme Court, praying for modification or setting aside of the order, and serve a copy to the SEC, which will then certify and file the record in court.
The Supreme Court has exclusive jurisdiction to affirm, modify, enforce, or set aside SEC orders in whole or in part after reviewing the record and hearing.
If a party shows the evidence is material and there were reasonable grounds for not presenting it during the SEC hearing, the court may order additional evidence taken before the SEC for consideration.
All acts or parts of acts inconsistent with this amended Act, including the Blue Sky Law (Act No. 2581), are repealed.
The amendments took effect upon approval, June 9, 1951.
Affected parties have the right to a hearing before final orders are made, can appeal to the Supreme Court, receive certified records for review, and may present additional evidence through court approval.