Amendment to PD 902-A on Securities Commission Powers

The amendment clarifies the limits of SEC’s powers in appointing management committees and receivers for corporations.
It aims to prevent overlap with other government agencies’ regulatory and supervisory powers.
Emphasis is placed on ensuring that SEC’s subpoena powers do not violate banking deposit confidentiality.

SEC may appoint one or more receivers for the property involved in actions pending before it, to protect parties-litigants, investing public, and creditors.
In appropriate cases, SEC may appoint a rehabilitation receiver for corporations, partnerships, or associations not regulated by other agencies.
The rehabilitation receiver holds powers beyond a regular receiver, including organizational control and management restructuring.
The appointed rehabilitation receiver or management committee can override or revoke actions of previous management and boards despite contrary provisions in laws, articles, or by-laws.
Protection is granted to these appointed entities from actions, claims, or demands connected to their good faith exercises of power and functions.

The SEC has authority to issue subpoena duces tecum to compel production of documents and summon witnesses during its proceedings.
It may order examination, search, and seizure of documents, files, records, tax returns, and books of accounts of entities or persons under investigation.
These powers apply notwithstanding any laws that might otherwise limit such actions, ensuring thorough investigations and case disposition.

All conflicting laws, decrees, rules, and regulations are repealed or modified to the extent of inconsistency with this amendment.
The decree takes effect immediately upon issuance, ensuring prompt legal application and enforcement.