The Securities and Exchange Commission (SEC) has proposed amendments to its Rules of Procedure in a bid to improve the regulatory environment and speed up the resolution of cases through more efficient administrative and adjudicative processes.
The SEC, in a statement Wednesday, said the draft 2026 Rules of Procedure seek to revise the 2016 rules by consolidating and simplifying them to 17 rules across 86 sections from the current 27 rules and 108 sections.
The draft also incorporates recent statutory developments under Republic Act 11232, or the Revised Corporation Code of the Philippines; Republic Act 11765, or the Financial Products and Services Consumer Protection Act; and other relevant laws, rules and regulations.
According to the SEC, the proposed changes include 14 major updates intended to enhance procedural efficiency. These cover jurisdiction, prioritization of electronic service and summons, and expanded enforcement powers.
The draft rules emphasize an “electronic first” system for filing and service, establishing email as the primary mode of communication. They also propose the use of official email addresses designated by corporations under SEC Memorandum Circular 28, Series of 2020, for service of SEC issuances.
The rules will expand alternative modes of service, including publication on the commission’s website. The SEC said implementing simplified summons and a strengthened electronic filing system will reduce paper costs, prevent logistical delays and administrative burdens in line with global digital standards.
To prevent delays, the draft rules prohibit motions for reconsideration at the operating department level in both administrative and adjudicative actions. Such motions may only be filed against judgments or resolutions of the Commission En Banc.
The draft rules consolidate provisions on case conferences, subpoenas and inspection orders, and introduces sanctions for noncompliance to strengthen enforcement.
The SEC also proposes allowing judicial notice of records already in its custody to enhance transparency and efficiency.
By limiting motions for reconsideration and allowing administrative notice of internal records, the commission said it aims to reduce the aging of cases and improve the timeliness of their resolution.
