EXECUTIVE ORDER NO. 285, November 24, 1995
AMENDING EXECUTIVE ORDER NO. 202 (22 SEPTEMBER 1994)
WHEREAS, Presidential Decree No. 902-A, the
charter of the Securities and Exchange Commission (SEC), mandates that
the said Commission shall be under the “direct general supervision of
the President;”
President of the Republic of the Philippines, by virtue of the powers
vested in me by law, do hereby order:
SECTION 1.
Section 1 of Executive Order No. 202 (22 September 1994) is hereby
amended to read as follows:
“SECTION 1. The
Securities and Exchange Commission (SEC) is hereby transferred from the
Office of the President to the Department of Finance (DOF) which shall
henceforth exercise administrative supervision over the
SEC.”
SECTION 2. Section 2 of Executive
Order No. 202 (22 September 1994) is hereby amended to read as
follows:
“SECTION 2. The relationship between
the DOF and the SEC shall be governed by Subsection 1 of Section 38,
Chapter 7, Book IV of the Administrative
Code.”
SECTION 3. This Executive Order shall
take effect immediately.
Adopted: 24 Nov.
1995
RAMOS
By
the President:
Executive
Secretary