Question & AnswerQ&A (SEC MEMORANDUM CIRCULAR NO. 10, S. OF 2010)
It prescribes the Rules of Procedure on Appeals from Decisions of Self Regulatory Organizations (SROs) under Section 40.7 of the Securities Regulation Code (R.A. 8799).
An appeal must be filed within fifteen (15) calendar days from notice of the decision.
A verified Memorandum on Appeal must be served upon the SRO and two copies filed with the SEC Commission En Banc, along with payment of the corresponding docket fee.
It must state the parties to the appeal, the decision appealed from, material dates proving timely filing, a concise statement of facts and issues, errors assigned, grounds for the appeal, and supporting arguments.
The appellee-SRO must file two copies of its reply memorandum within ten (10) calendar days from receipt of the Order to file the reply.
The appeal is deemed submitted for decision upon filing of the reply memorandum, or upon expiration of the time to file it if none was filed, unless oral arguments are set by the Commission En Banc.
They shall be treated as appeals filed in accordance with these rules and are subject to assessment of the appropriate docket fees.
Rule XI of the 2006 Rules of Procedure of the SEC shall have a suppletory effect on these Rules, meaning it fills in any procedural gaps not covered by these rules.
They took effect fifteen (15) days after publication in two national newspapers of general circulation.
To provide a uniform, speedy, and inexpensive resolution of appeals from decisions of Self Regulatory Organizations under the Securities Regulation Code.