Filing and Referral Procedure
- Complaints with TRO prayers filed with the Securities Investigation and Clearing Department (SICD) are referred to the Office of the Chairman.
- SICD forwards an original copy of such complaints to the Chairman.
- Cases before SICD continue despite TRO application pendency unless dismissed, which renders the TRO application moot.
Ex-Parte Issuance of TRO
- The Chairman or, in his absence, the most senior Associate Commissioner can issue a TRO ex-parte.
- TRO issuance requires determination of extreme urgency to prevent grave injustice or irreparable injury.
- TRO issued ex-parte is effective only for seventy-two (72) hours.
Summary Hearing on TRO Application
- The application is referred to the Director of SICD within 24 hours for a summary hearing.
- Purpose is to decide on granting or extending the TRO.
- Maximum TRO duration is twenty (20) days inclusive of the initial 72 hours.
Conduct of the Summary Hearing
- Hearing is considered conducted once the adverse party or counsel has opportunity to oppose orally or in writing.
- Failure to oppose constitutes waiver, and the application is submitted for resolution.
Preliminary Injunction Procedures
- Any application for preliminary injunction must be heard and decided within the TRO's effective period by the assigned Hearing Officer.
- If hearings are incomplete within TRO validity, the Hearing Officer decides based on available evidence.
TRO Application Post-Commencement
- Applications for TRO after case commencement but before judgment must be filed with the Office of the Chairman.
- Applicable rules and procedures remain the same.
Prohibitions Regarding TRO Proceedings
- Motions that delay TRO resolution are prohibited.
- Petition for Certiorari contesting TRO issuance is disallowed.
Repealing Clause
- Existing SEC rules inconsistent with these provisions are modified or repealed.
Effectivity
- Rules take effect fifteen (15) days after publication in a newspaper of general circulation.