The Securities and Exchange Commission

Today in Philippine History (Philatelic Edition Series 2):

October 26, 1936

The Securities and Exchange Commission (SEC) was established on October 26, 1936 by virtue of Commonwealth Act No. 83 or the Securities Act. 

The need to safeguard public interest in view of the local stock market boom at that time called for the creation of the SEC. 

Operations began on November 11, 1936 under the leadership of Commissioner Ricardo Nepomuceno.

Its major functions included the  registration of securities, analysis of every registered security, evaluation of the financial condition and operations of applicants for security issue, screening of applications for broker’s or dealer’s license and supervision of stock and bond brokers as well as the stock exchanges. 

The agency was abolished during the Japanese occupation and was replaced with the Philippine Executive Commission. It was reactivated in 1947 With the restoration of the Commonwealth Government. 

Due to the changes in the business environment under President Ferdinand E. Marcos, the agency was reorganized on September 29, 1975 as a collegial body with 3 commissioners and was given quasi-judicial powers under PD902-A. 

In 1981, the Commission was expanded to include two (2) additional commissioners and two (2) departments, one for prosecution and enforcement and the other for supervision and monitoring. 

On December 1, 2000, the SEC was reorganized as mandated by R. A. 8799 also known as the Securities Regulation Code.

(Design, concept, stamps and research: Richard Allan B. Uy) All rights reserved

Photo credit: wikipedia.org