Back

Union Bank of the Phils vs SEC

UNION BANK OF THE PHILIPPINES, petitioner, vs. SECURITIES and EXCHANGE COMMISSION, respondent.

G.R. No. 138949 | 2001-06-06

D E C I S I O N

PANGANIBAN, J.:

The mere fact that petitioner, in regard to its banking functions, is already subject to the supervision of the Bangko Sentral ng Pilipinas does not exempt the former from reasonable disclosure regulations issued by the Securities and Exchange Commission (SEC). These regulations -- imposed on petitioner as a banking institution listed in the stock market -- are meant to assure full, fair and accurate information for the protection of investors. Imposing such regulations is a function within the jurisdiction of the SEC.

The Case

Before us is a Petition for Review on Certiorari[1] under Rule 45 of the...