Implementation of Securities Regulation Code

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SEC-BED MEMORANDUM ORDER NO. 02, S. 2000: Implementation of Securities Regulation Code

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Title Supreme Court: Implementation of Securities Regulation Code

Law: Sec-bed Memorandum Order No. 02, S. 2000

Decision Date: Aug 9, 2000

To ensure a smooth transition from the Revised Securities Act to the new Securities Regulation Code, the Commission mandates that all existing rules and secondary licenses remain effective until further notice.

administrative law

implementing rules

A

Self-Executory Nature of the Code

Section 72 of the SRC states that the Code is self-executory.
The lack of implementing rules and regulations does not affect the enforceability or application of the Code.

Continuity of Existing Rules and Regulations

Until the Commission issues new rules and regulations consistent with the SRC, all previously existing rules, guidelines, memorandums, orders, and directives remain effective.
Any existing rules must not be inconsistent with the provisions of the SRC to remain valid.

Validity of Secondary Licenses

All secondary licenses previously issued by the Commission remain valid and effective until their expiration, revocation, or cancellation.

Administrative Directive to Ensure Regulatory Continuity

The Commission issued this order to avoid regulatory gaps during the transitional period from the Revised Securities Act to the SRC.
This ensures orderly transition and regulatory stability in the securities market.

Authority and Adoption

The order was adopted on August 9, 2000, and signed by the Chairman of the Commission, Lilia R. Bautista.

END