Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO. 15, SERIES OF 2003)
The request for legal opinion must pertain to specific questions of law related to the interpretation and application of laws and rules being enforced and implemented by the Commission.
The requesting party must present the complete factual circumstances from which the Commission may draw premises and conclusions, with the resolution of the legal issues hinging on factual matters readily discernible from the query.
Requesting parties must submit all pertinent papers such as Articles of Incorporation, By-laws, General Information Sheets, and copies of applicable laws and administrative rules necessary to resolve the query.
The request must include the accurate business address, telephone and facsimile numbers, and email address of the requesting party.
Yes. The Commission may process requests notwithstanding non-compliance when circumstances warrant it.
The opinion rendered is based solely on the facts disclosed and is relevant only to the particular issues raised. It is not to be used as a standing rule binding the Commission in other cases whether similar or dissimilar.
Because interpretation of contracts is subject to justification and contract review requires legal examination of contracts on a general basis, not specific legal issues, which is beyond the scope of the Commission's opinion service.
Questions that are too general in scope, hypothetical, abstract, speculative, anticipatory in character, or pertaining to undisclosed entities are considered unsuitable.
Because the Commission does not review acts and rulings of other government agencies, and interpretation of administrative rules of other agencies is within the competence of those agencies themselves.