Title
Rules on Appeals from SRO Decisions
Law
Sec Memorandum Circular No. 10, S. Of 2010
Decision Date
Dec 14, 2010
The SEC establishes uniform rules for appealing decisions from Self Regulatory Organizations (SROs), ensuring a streamlined, cost-effective process for resolution within a specified timeframe.
A

Form and Content Requirements of the Memorandum on Appeal

  • Must identify the parties involved in the appeal.
  • Must cite the specific decision being appealed.
  • Include material dates that prove the timeliness of the appeal.
  • Provide a concise statement of facts and the issues involved.
  • Include the errors assigned and grounds relied upon for the appeal.
  • Arguments supporting the appeal should be clearly stated.

Filing and Service of the Reply Memorandum

  • The appellee SRO must provide the appellant with a copy.
  • Two copies must be filed with the Commission En Banc.
  • The reply memorandum must be filed within 10 calendar days from receipt of the order to file a reply.

Submission of Appeal for Decision

  • The appeal is deemed submitted upon filing of the reply memorandum.
  • If no reply is filed within the prescribed period, the appeal is deemed submitted by default.
  • The Commission En Banc may set the case for oral arguments on its own motion or upon request for special reasons.

Transitory Provisions for Pending Appeals

  • Appeals pending before the Commission prior to the effectivity of the rules will be treated as appeals filed under the new rules.
  • Appropriate docket fees must be assessed for these pending cases.

Suppletory Application of the 2006 Rules of Procedure of SEC

  • Rule XI of the 2006 SEC Rules of Procedure applies supplementarily to these rules.

Effectivity of the Rules

  • The rules take effect 15 days after publication in two national newspapers of general circulation.

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