SEC’s international affairs unit
Credit to Author: KELVIN LESTER LEE | Date: Tue, 16 Apr 2019 16:23:11 +0000
The Securities and Exchange Commission (SEC) has been mandated to promote the establishment of business and the growth of the capital market in the Philippines. Through the pursuit of enabling legislation and the issuance of regulations, the SEC has ensured that the registration, monitoring and supervision of entities engaged in viable industries have remained current, efficient and appropriate.
The emergence of the global economy presents a new challenge to the SEC such that the formation of domestic regulation must now recognize and take into full consideration international best practices.
Thus, the SEC has embraced in its participation in various regional and international fora and agreements such as the Association of Southeast Asian Nations (Asean) Capital Markets Forum (ACMF), the Asia-Pacific Economic Cooperation (APEC), the International Organization of Securities Commissions (IOSCO) and the numerous Free Trade Agreements where the Philippines is a signatory.
The active participation of the SEC in the international sphere is for the continued refinement of Philippine regulations and business practices for consistency of rules and uniformity of standards across jurisdictions. Through exposure to the developments in both regulation and acceptable practices of neighboring and more progressive countries, the SEC is given the opportunity and encouraged to adopt principles of transparency/information-sharing and efficiency in the capital market.
As “international cooperation” has become a byword between securities commissions, an international affairs unit (IAU) under the Enforcement and Investor Protection Department (EIPD) has been created to keep the SEC abreast of international matters relating to its mandate. The IAU shall ensure that the SEC is properly represented in all meetings or negotiations that may affect entities under SEC supervision. The IAU shall also pool the on-going international projects and initiatives of the SEC to garner a holistic perspective and appreciation of the SEC’s role in the global community. Further, the IAU shall also aid in the formulation of the SEC formal position in various international discussions with emphasis on consistency of representations.
The IAU will focus on maintaining the SEC’s professional international relations with its counterpart securities commissions and other international organizations as well as attaining memberships to international groups or agreements necessary for the SEC’s inclusion in regional and global economic initiatives.
Having a dedicated IAU will allow the SEC to have updated and relevant information on international economic developments which is an advantage for the creation of domestic policy.
The impact of international events, especially in finance, on the domestic economy is not one that can be ignored. Hence, regional and international cooperation is a key factor in managing economic matters in the international arena. The global visibility of the SEC and its willingness to collaborate with other jurisdictions through a forward-thinking, participative and efficient IAU is one worth fostering especially in light of our economic interconnectedness.
Kelvin Lester K. Lee is a Commissioner of the Securities and Exchange Commission (SEC). He is the co-chairperson of the SEC Committee on Memorandum Circulars To Operationalize Revised Corporation Code Provisions. The views and opinions stated herein are his own. You may email your comments and questions to oclee@sec.gov.ph.
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