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Bicol party-list urges SEC to relax its “tyrannical” attitude

Jul 17, 2015 @ 9:00

Ako Bicol party-list representative asked the Securities and Exchange Commission (SEC) to go easy in going after petty violations committed by corporations and instead focus its attention to bankruptcies and investment frauds.

Ako Bicol Rep. Rodel Batocabe said SEC should relax its “tyrannical” culture and adopt a more liberal approach in regulating corporations in the country.

While the Corporation Code mandated SEC to promote business and investments, its bureaucratic policies had hampered business transactions in the country, according to Batocabe.

“The SEC should exercise only its regulatory and punitive powers in the instances of corporate abuses and fraud as well as graft and corrupt practices to protect first and foremost the public interest,” he pointed out.

He noted that while SEC had failed to detect bankruptcies and investment frauds, it was overzealous in going after corporations for petty violations.

“What interest does the SEC protect when it dissolves corporations for failure to comply with reportorial requirements? At the very least, the SEC should only impose penalties, not dissolve these corporations,” Batocabe said.

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