OBSOLETE SECURITIES ACT BLAMED FOR ANOMALIES
Manila, Oct. 15, 1997 - The head of the Securities and Exchange Commission wants a thorough overhaul of the existing securities laws to make them more applicable to present situations.
SEC Chairman Perfecto Yasay Jr. says the 50-year-old Revised Securities Act is already obsolete and no longer responsive to present-day realities. He asked Congress to speed up the passage of the proposed Securities Regulation Enforcement Act to address and solve the problems of overzealous assessments, insider trading and stock manipulation.
Philippine Stock Exchange president Jose Yulo noted that while there is no perfect exchange, "even the more advanced stock exchanges in the world encounter problems from time to time, but it does not mean everybody is a crook."
Top officials of the SEC traced irregularities at the stock market to the country's outdates securities laws that are inadequate to cope with the growing sophistication of the equities market.
Reported by: Sol Jose Vanzi
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