MANDATEThe Securities and Exchange Commission (SEC) or the Commission is the national government regulatory agency charged with supervision over the corporate sector, the capital market participants, and the securities and investment instruments market, and the protection of the investing public. Created on October 26, 1936 by Commonwealth Act (CA) 83 also known as The Securities Act, the Commission was tasked to regulate the sale and registration of securities, exchanges, brokers, dealers and salesmen. Subsequent laws were enacted to encourage investments and more active public participation in the affairs of private corporations and enterprises, and to broaden the Commission’s mandates. Recently enacted laws gave greater focus on the Commission’s role to develop and regulate the corporate and capital market toward good corporate governance, protection of investors, widest participation of ownership and democratization of wealth. Show
SEC is the registrar and overseer of the Philippine corporate sector; it supervises more than 600,000 active corporations and evaluates the financial statements (FS) filed by all corporations registered with it. SEC also develops and regulates the capital market, a crucial component of the Philippine financial system and economy. As it carries out its mandate, SEC contributes significantly to government revenues. With the growing number of corporations and other forms of associations that SEC supervises and monitors, and given the evolving nature of transactions where the corporate vehicle is being used to defraud the investing public, as well as the ever dynamic character of the capital market, SEC must progressively perform its critical role as the prudent registrar and supervisor of the corporate sector and the independent guardian of the capital market. Subsequent laws enacted to broaden the Commission’s mandates, powers, and functions were:
Today, SEC is tasked with “serious responsibility of enforcing all laws affecting corporations and other forms of associations not otherwise vested in some other government offices.” In addition to the aforementioned laws, the Commission also implements and acts either as lead or support agency in administering and enforcing special laws, the more significant of which are:
VISIONBy 2025, the SEC with its driven, highly-trained, agile and customer-centric team of professionals, equipped with digital technology and adaptive registration and data management systems, is the premier investor champion and catalyst of a deep, broad and informed investor-based capital market and more empowered business sector considered among the best in the Southeast Asian (SEA) Region. MISSIONWe are the gateway to doing business in the Philippines. We provide a competitive and secure environment for fast and easy company registration, efficient capital formation, broad investor participation and business innovation. CORE VALUESINTEGRITY We are ethical, honest, fair, and sincere in our private and public lives. PROFESSIONALISM We are capable and competent in performing our mandate, we excel in our fields of expertise, and we possess high ethical principles and standards which are essential in providing timely, quality, and committed public service. ACCOUNTABILITY We are responsible for our actions and decisions. TEAMWORK We collaborate to achieve our common goals and tasks in a seamless and efficient manner. INDEPENDENCE We act without fear or favor, and render sound judgment in the performance of our duties and responsibilities. Which of the following federal securities acts provides the legal framework for the registration of securities at the state level quizlet?The Uniform Securities Act provides a legal framework for the state registration of securities.
Which of the following federal securities acts provides the legal framework?Which of the following federal securities acts provides the legal framework for the registration of securities at the state level? the Financial Industry Regulatory Authority (FINRA). the Securities and Exchange Commission (SEC).
What is the Securities Act of 1933 and 1934?The Securities Act of 1933 differs from the Exchange Act of 1934 in that the former focuses on governing securities issued by companies in what is known as the primary market, while the 1934 Act deals mainly with the regulation of secondary trading, which occurs between parties unrelated to the issuing companies, such ...
What does the Securities Act of 1933 cover?The act—also known as the "Truth in Securities" law, the 1933 Act, and the Federal Securities Act—requires that investors receive financial information from securities being offered for public sale. This means that prior to going public, companies have to submit information that is readily available to investors.
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