SEC Bacolod Office Law
Republic Act No. 10785, known as the "SEC Bacolod Office Law," establishes a Securities and Exchange Commission (SEC) office in Bacolod City to enhance regulatory oversight in the region. The act outlines the creation of ten new positions necessary for the operation of the office and allocates an initial budget of ten million pesos for its first fiscal year, with provisions for ongoing funding in subsequent years. The SEC is tasked with developing the implementing rules and regulations for the law's execution. The act also includes a separability clause, ensuring that if any part is deemed unconstitutional, the remaining provisions remain effective. It took effect fifteen days after publication in a general circulation newspaper.
Quick Answers
- What is SEC Bacolod Office Law about?
- Republic Act No. 10785, known as the "SEC Bacolod Office Law," establishes a Securities and Exchange Commission (SEC) office in Bacolod City to enhance regulatory oversight in the region. The act outlines the creation of ten new positions necessary for the operation of the office and allocates an initial budget of ten million pesos for its first fiscal year, with provisions for ongoing funding in subsequent years. The SEC is tasked with developing the implementing rules and regulations for the law's execution. The act also includes a separability clause, ensuring that if any part is deemed unconstitutional, the remaining provisions remain effective. It took effect fifteen days after publication in a general circulation newspaper.
- What type of law is Republic Act No. 10785?
- SEC Bacolod Office Law (Republic Act No. 10785) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was SEC Bacolod Office Law enacted?
- SEC Bacolod Office Law (Republic Act No. 10785) was enacted on May 3, 2016.
- What is the citation for SEC Bacolod Office Law?
- SEC Bacolod Office Law, Republic Act No. 10785, May 3, 2016 (Philippines)
Law Information
- Reference Number
- Republic Act No. 10785
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
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.
Cite This Law
SEC Bacolod Office Law, Republic Act No. 10785, May 3, 2016 (Philippines)
SEC Bacolod Office Law, Republic Act No. 10785 (Phil. 2016)
Related Laws
- Amendments to C.A. No. 326 Re: City of BacolodRepublic Act No. 300 • Jun 17, 1948 • Statutes
- Composition of City Council of BacolodRepublic Act No. 1865 • Jun 22, 1957 • Statutes
- Amendments to C.A. No. 326 (Charter of Bacolod City)Republic Act No. 4088 • Jun 19, 1964 • Statutes
- Amendment to C.A. No. 326 (Charter of Bacolod City)Republic Act No. 1424 • Jun 12, 1956 • Statutes
- Amendments to Certain Sections of C.A. No. 326 (Charter of the City of Bacolod)Commonwealth Act No. 404 • Sep 13, 1938 • Statutes
- Conversion of Bacolod City High School in Bacolod City Into a National High SchoolBatas Pambansa Blg. 372 • Apr 7, 1983 • Statutes
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