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REPUBLIC ACT NO. 10785 - AN ACT ESTABLISHING A SECURITIES AND EXCHANGE COMMISSION (SEC) OFFICE IN BACOLOD CITY AND APPRORIATING FUNDS THEREFOR

REPUBLIC ACT NO. 10785 - AN ACT ESTABLISHING A SECURITIES AND EXCHANGE COMMISSION (SEC) OFFICE IN BACOLOD CITY AND APPRORIATING FUNDS THEREFOR

H. No. 2360 ; Phil. Star (May 9, 2016)

REPUBLIC ACT NO. 10785, May 03, 2016

AN ACT ESTABLISHING A SECURITIES AND EXCHANGE COMMISSION (SEC) OFFICE IN BACOLOD CITY AND APPRORIATING FUNDS THEREFOR

Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:chanRoblesvirtualLawlibrary


Section 1. Title. — This Act shall be known as the "SEC Bacolod Office Law".

Sec. 2. Creation. — There shall established a Securites and Exchange Commission (SEC) Office in Bacolod City.

Sec. 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 platilla positions are hereby created for the initial operation of the SEC Office in Bacolod City:
NUMBER OF
POSITION

POSITION/TITLE
SALARY
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 Councel 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 determine its own position and classification system and qualification standards.

Sec. 4. Appropriations. — The sum of ten million pesos (PhP 10,000,000.00), in addition to SEC's current annual budget amd 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.

Sec. 5. Implementing Rules and Regulations. — The SEC shall issue the necessary rules and regulations for the effective implementation of this Act.

Sec. 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.

Sec. 7. Repealing Clause. — All laws, decrees and orders or parts thereof inconsistent herewith are hereby repealed or modified accordinly.

Sec. 8. Effectivity Clause. — This Act shall take effect fifteen (15) days after its publication in two (2) newspapers of general circulation in the Philippines.

Approved:chanroblesvirtuallawlibrary

(Sgd.) FRANKLIN M. DRILON
President of the Senate
(Sgd.) FELICIANO BELMONTE JR.
Speaker of the House
of Representatives

This Act which originated in the House of Representatives was passed by the House of Representatives on October 29, 2014, amended by the Senate of November 23, 2015, and which amendments were concured in by the House of Representatives on January 27, 2016.

(Sgd.) OSCAR G. YABES
Secretary of the Senate
(Sgd.) MARILYN B. BARUA-YAP
Secretary General
House of Representatives

Approved: May 03, 2016

(Sgd.) BENIGNO S. AQUINO III
President of the Philippines
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