SEC-BED MEMORANDUM ORDER NO. 02, S. 2000

: The Securities Regulation Code took effect on 8 August 2000.
: The Securities Regulation Code repealed the Revised Securities Act.
: Section 72 provides that the Code shall be self-executory and that the absence of rules and regulations to implement the same shall not affect its self-executory nature.
: It means that the Code is effective and enforceable by itself without the need for additional implementing rules and regulations.
: All existing rules and regulations, implementing guidelines, memo-circulars, orders, and directives of the Commission not inconsistent with the new Code shall remain effective until the Commission declares them otherwise.
: The purpose is to prevent regulatory gaps pending the issuance of implementing rules and regulations and to ensure an orderly transition from the Revised Securities Act to the Securities Regulation Code.
: No, only those directives not inconsistent with the new Code shall remain effective.
: The SEC has the authority to revoke or cancel secondary licenses before their expiry.