ACCOMPLISHMENTS IN THE YEAR 2000

The major accomplishments of SEC centered on the immediate implementation of the Securities Regulation Code (SRC).

While the SRC expressly states that it is self-executory, the Commission did not lose time in preparing and issuing the rules and regulations appropriate for the SRC, thus, ensuring a smooth continuity of the regulatory processes, even as SEC started exercising newly expanded powers and the SRC introduced widespread and deep reforms in the securities market.

The next major accomplishment was the complete reorganization of SEC, effective December 1, 2000, as mandated by the SRC.

An equally important accomplishment was the completion of the transition processes, provided under the SRC.  This involved the orderly transfer of over a thousand cases on intra-corporate disputes to the regional trial courts.  Another transition process started last year was the disposition of similar cases for which hearings had been completed, and over which the SRC gave the Commission the August 8, 2001 deadline for final resolution.  Further, the Commission resumed in earnest the resolution of pending cases involving suspension of payments/rehabilitation which had been filed as of June 30, 2000.

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