Transfer of SEC to Office of the President

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EXECUTIVE ORDER NO. 60: Transfer of SEC to Office of the President

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Title Source: Supreme Court: Transfer of SEC to Office of the President

Law: Executive Order No. 60

Decision Date: Jan 13, 1999

President Joseph Ejercito Estrada's Executive Order No. 60 transfers the Securities and Exchange Commission from the Department of Finance to the Office of the President to enhance coordination and efficiency in promoting domestic capital market development and foreign investments.

Law Summary

Rationale Behind the Transfer

To promote active private sector participation and foreign investment in the domestic capital market.
To achieve more efficient and effective coordination between SEC and other government offices.
To align with the national policy of strengthening capital market development.

Legal Basis for the Transfer

Presidential Decree No. 902-A mandates that the SEC shall be under the direct general supervision of the President.
Section 31, Chapter 10, Title III, Book III of the Administrative Code of 1987 authorizes the President to reorganize the administrative structure of the Office of the President.

Functions and Powers of the Office of the President Regarding the SEC

The Office of the President shall assume all oversight and administrative functions over the SEC, consistent with Presidential Decree No. 902-A and relevant provisions of the Administrative Code.
Matters that are not expressly appealable to the Court of Appeals under existing Supreme Court circulars are declared appealable to the Office of the President.

Repeal and Modification of Contrary Provisions

Any orders, issuances, rules, and regulations inconsistent with this Executive Order are repealed or modified to conform to its provisions.

Effectivity

The Executive Order takes effect immediately upon issuance on January 13, 1999.

END