Lawmaker slams SEC ‘tyrannical’ culture

A lawmaker is urging the Securities and Exchange Commission (SEC) to relax its “tyrannical” culture and adopt a more liberal approach in regulating corporations in the country.

Ako Bicol Rep. Rodel Batocabe said that while the Corporation Code mandated the SEC to promote business and investments, its bureaucratic policies had hampered business transactions in the country.

“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,” said Batocabe.

He noted that while the 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,” said Batocabe.–Gil Cabacungan