7/21/2019 Msei v Sec Facts

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MSEI V SEC FACTS

The Securities and Exchange Commission denied the Makati Stock Exchange, Inc.,

permission to operate a stock exchange unless it agreed not to list for trading on its

oard, securities alread! listed in the Manila Stock Exchange.

ISS"E #hether the SEC ma! $in the pulic interest% &alidl! impose such a

condition'

(")I*+ *. It is fundamental that an administrati&e o-cer has onl! such poers as

are expressl! granted to him ! the statue, and those necessaril! implied in the

exercise thereof. The SEC cites no pro&ision of la supporting its rule. *either did

the Commission make an! explanation on ho it could e necessar! in the

performance of its functions. For all practical purposes the SEC/s order ould make

it impossile for MSEI to operate. So its permission ould reall! amount to a

prohiition. The )egislature has speci0ed the conditions under hich a stock

exchange ma! legall! otain a permit1 it is not for the SEC to impose others