SEC head seeks PBA support

Newly appointed Securities and Exchange Commission (SEC) Chairman Lilia Bautista sought the support of the Philippine Bar Association in rekindling the spirit of public service and improving the credibility and integrity of the commission during the 109th foundation day of the Philippine Bar Association held recently at the Hotel Intercontinental, Makati.

In her speech, Bautista proposed the organization of a Corporate Bar Association that may be under the umbrella of the PBA. "This association can be SEC's institutional link to the legal professionals who do a lot of business with the SEC."

"As SEC seeks to improve and streamline its rules and procedures, we want lawyers to be kept abreast of and have a thorough understanding of such important changes and developments so that they can be more effective and valuable counsels to their clients, promoting integrity and professionalism in our interactions."

Bautista also requested the assistance of the PBA in expediting the clearing of the SEC's caseload, disclosing that the SEC is currently facing a backlog of cases that date back to 1982. "We welcome volunteers to assist our own lawyers specifically in the conduct of research and drafting of decisions for these cases." She emphasized though that SEC expects full disclosure from volunteer lawyers to guard against possible conflicts of interest in the handling of cases.

Lastly, the new chairman expressed her support for the spin-off of the quasi-judicial functions of the SEC to specialized courts. "I am of the opinion that if the SEC is to become a more effective and credible regulator of the Philippine capital market, then it must be allowed to focus on capital market development rather than on the current broad scope of responsibilities it has been tasked with."

She also asked for the cooperation of the legal professional in stepping up efforts to restore confidence in the capital market. She urged them to support SEC in strengthening enforcement of the law, particularly in fighting insider trading and market manipulation.

Until her assumption as SEC chairperson last March 25, Bautista was senior undersecretary and special trade negotiator of the Department of Trade and Industry.