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    18 Makati Stock Exchange Inc V SEC and Manila Stock Exchange

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    Maria Victoria Dela Torre
    The Makati Stock Exchange filed a review of the SEC's denial of their application to operate as a stock exchange. The SEC denied the application because Makati Exchange's trading board listed securities that were already listed on the Manila Stock Exchange. The Makati Exchange argued this was illegal, discriminatory, and unjust. The Supreme Court ruled that while the SEC aims to protect the public interest, it does not have the authority to prohibit another exchange through rules resulting in discrimination or violation of constitutional rights. The Court approved Makati Exchange's license to operate without the condition imposed by the SEC.

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    © All Rights Reserved
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    18 Makati Stock Exchange Inc V SEC and Manila Stock Exchange

    Uploaded by

    Maria Victoria Dela Torre
    54 views1 page
    The Makati Stock Exchange filed a review of the SEC's denial of their application to operate as a stock exchange. The SEC denied the application because Makati Exchange's trading board listed securities that were already listed on the Manila Stock Exchange. The Makati Exchange argued this was illegal, discriminatory, and unjust. The Supreme Court ruled that while the SEC aims to protect the public interest, it does not have the authority to prohibit another exchange through rules resulting in discrimination or violation of constitutional rights. The Court approved Makati Exchange's license to operate without the condition imposed by the SEC.

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    18 Makati Stock Exchange Inc v SEC and Manila Stock exchange

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    The Makati Stock Exchange filed a review of the SEC's denial of their application to operate as a stock exchange. The SEC denied the application because Makati Exchange's trading board listed securities that were already listed on the Manila Stock Exchange. The Makati Exchange argued this was illegal, discriminatory, and unjust. The Supreme Court ruled that while the SEC aims to protect the public interest, it does not have the authority to prohibit another exchange through rules resulting in discrimination or violation of constitutional rights. The Court approved Makati Exchange's license to operate without the condition imposed by the SEC.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    54 views1 page

    18 Makati Stock Exchange Inc V SEC and Manila Stock Exchange

    Uploaded by

    Maria Victoria Dela Torre
    The Makati Stock Exchange filed a review of the SEC's denial of their application to operate as a stock exchange. The SEC denied the application because Makati Exchange's trading board listed securities that were already listed on the Manila Stock Exchange. The Makati Exchange argued this was illegal, discriminatory, and unjust. The Supreme Court ruled that while the SEC aims to protect the public interest, it does not have the authority to prohibit another exchange through rules resulting in discrimination or violation of constitutional rights. The Court approved Makati Exchange's license to operate without the condition imposed by the SEC.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    I. Makati Stock Exchange, Inc. vs.

    Securities and Exchange Commission and Manila Stock


    Exchange
    G.R. No. L-23004; June 30, 1965
    Bengzon, C. J.

    Facts:
    Makati Exchange Commission (MakEC) filed a review on the resolution issued by the SEC
    denying them to operate a stock exchange because the list of securities on its trading board is already
    listed in the Manila Stock Exchange (ManEC).
    MakEC argued that the Commission has no power to impose it because it is illegal,
    discriminatory and unjust.
    Under the law, a stock exchange should be registered with the SEC in order to operate in the
    Philippines, the Commission may permit the registration upon completion of requirements required by
    the law.
    MakEC is challenging the rule against double listing which states that “… nor shall a security
    already listed in any securities exchange be listed anew in any other securities exchange… .”
    MakEC objection on that rules dwells on the fact that ManEc has the monopoly of the trading
    securities, it has been operating for 25 years and that almost all trading securities is listed there leaving
    MakEC with only other remaining securities, thus making it impossible for MakEC to operate.

    Issue:
    Whether or not the Commission has authority to promulgate and implement rules prohibiting
    another exchange to operate on the ground that it is of the protection of “public interest”.

    Ruling:
    Making reasonable allowances for the presumption of regularity and validity of administrative
    action, the curt felt constrained to reach the conclusion that the respondent Commission possesses no
    power to impose the condition of the rule, which, additionally, results in discrimination and violation of
    constitutional rights.
    ACCORDINGLY, the license of the petition to operate a stock exchange is approved without
    such condition. Costs shall be paid by the Manila Stock Exchange. So ordered.

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