THE Securities and Exchange Commission (SEC) in Davao Region disclosed on Thursday that the agency is preparing to introduce a bill to amend The Securities Regulation Code to tighten the noose on scammers as soon as Congress resumes sessions next month.
"The SEC actually aims to strengthen our prosecutorial powers. This is because we could not file case on our own after the investigation. We will file it before the Department of Justice (DOJ), and it will take time sa dami," SEC-Davao director lawyer Javey Paul Francisco said.
He added that one of the reforms that the SEC will be requesting before Congress is that they can already file the case against those behind the investment scams and freeze their accounts while they are conducting investigation.
"We need to amend The Securities Regulation Code to give additional powers to the SEC," Francisco said, adding that the initiative to propose a bill before the Congress came up after their strategic planning and seminar earlier this year.
The Securities Regulation Code provides that the Sec has jurisdiction and supervision over all corporations, partnerships or associations who are the grantees of primary functions and/or license or permit issued by the government.
It also has the power to approve, reject, suspend, revoke or require amendments to registration statements, and registration and licensing, and to regulate investigate or supervise the activities of persons to ensure compliance.
SEC-Davao is now closely monitoring other investment firms and/or entities operating in other areas of the region aside from the four investment firms in Davao City.