BIZ BUZZ: See you in court?
The Securities and Exchange Commission (SEC) isn’t blinking.
Amid rising resistance from Philippine Stock Exchange (PSE) director Vivian Yuchengco over proposed term limits for broker-directors, SEC Chair Francis Lim made it clear the regulator is standing its ground.
“I think the draft memorandum circular contains all the reasons. We honestly believe that it’s the right thing to do for the market, and we will stand by that decision,” Lim told reporters.
That’s a firm answer to Yuchengco’s assertion that broker-directors—being shareholders—cannot be stripped of their board seats.
Still, Lim struck a measured tone, noting the proposal remains open for feedback.
“We’re still in the process of receiving comments, and we will decide according to what is best for the market after receiving those comments,” he said.
But make no mistake—the SEC is ready for a fight if it comes to that.
“We’re not afraid to go to court if they want to go to court,” Lim added.
That warning comes after Yuchengco signaled she may once again challenge the regulator legally, citing past victories against the SEC.
For now, the draft circular is still under review, with market participants weighing in on a proposal that could reshape boardroom dynamics in the local bourse.
But if early signals are any indication, this isn’t just a policy debate—it’s shaping up to be a full-blown standoff.
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