SEC Bacolod Office Law

May 3, 2016 REPUBLIC ACT NO. 10785 AN ACT ESTABLISHING A SECURITIES AND EXCHANGE COMMISSION (SEC) OFFICE IN BACOLOD CITY AND APPROPRIATING FUNDS THEREFOR SECTION 1. Title. This Act shall be known as the "SEC Bacolod Office Law". SECTION 2. Creation. There shall be established a Securities and Exchange Commission (SEC) Office in Bacolod City. SECTION 3. Organization. The SEC shall immediately include in its programs the organization of the SEC Office in Bacolod City, the funding of which shall be included in the General Appropriations Act. The following ten (10) additional plantilla positions are hereby created for the initial operation of the SEC Office in Bacolod City: Number of Salary Positions Position/Title Grade 1 SEC Extension Office Director 26 1 SEC Executive Assistant 13 1 SEC Clerk/Messenger 10 1 SEC Utility/Driver 9 1 Securities Legal Counsel II 19 1 Securities Specialist II 18 1 Securities Specialist I 17 1 SEC Records Specialist II 13 1 SEC Support/Clerical I 10 1 SEC Computer Operator 7 The Department of Budget and Management (DBM) shall immediately issue a Notice of Organization, Staffing, and Compensation Action (NOSCA) or such similar documents necessary for the same purposes: Provided, That nothing in this section shall be construed as to limit the powers of the SEC under Republic Act No. 8799, or the Securities Regulation Code, to determine its own position and classification system and qualification standards. SECTION 4. Appropriations. The sum of ten million pesos (PhP10,000,000.00), in addition to SEC's current annual budget and on top of its regular retention income as provided in the Securities Regulation Code, is hereby authorized to be appropriated to the SEC to finance the operation of the SEC Office in Bacolod City for the first fiscal year after the effectivity of this Act. For each fiscal year thereafter, there is authorized to be appropriated to the SEC in the annual General Appropriations Act such additional sums as may be necessary for the continued operation and maintenance of the SEC Office in Bacolod City and such other sums as may be provided by law for the salaries of its officers and employees to reflect pay rate changes made in accordance with the Securities Regulation Code. SECTION 5. Implementing Rules and Regulations. The SEC shall issue the necessary rules and regulations for the effective implementation of this Act. SECTION 6. Separability Clause. If any section or provision of this Act shall be declared unconstitutional or invalid, the other sections or provisions not affected thereby shall continue to be in full force and effect. SECTION 7. Repealing Clause. All laws, decrees and orders or parts thereof inconsistent herewith are hereby repealed or modified accordingly. SECTION 8. Effectivity Clause. This Act shall take effect fifteen (15) days after its publication in two (2) newspapers of general circulation in the Philippines. CAIHTE Approved: May 3, 2016. Published in The Philippine Star on May 9, 2016.