The Securities and Exchange Commission (SEC) on Monday confirmed that party-list groups intending to participate in the elections will no longer be required to register with the commission.
“Kasi (because) the Revised Corporation Code provides that party-list will no longer be under the SEC,” SEC Commission Secretary Armando Pan Jr. said in a text message.
Pan particularly cited Section 182 of Revised Corporation Code stipulating that the powers, authorities and responsibilities of the SEC involving party-list organizations are transferred to the Commission on Elections (Comelec).
He said such Code took effect Feb. 23, 2019.
“Within 6 months after the effectivity of this Act, the monitoring, supervision, and regulation of such corporations shall be deemed automatically transferred to the Comelec,” read the Revised Corporation Code, otherwise known as Republic Act 11232.
A liaison team, which is tasked to constantly coordinate with the SEC on issues that may arise related to the transfer of responsibilities was created, according to a Comelec resolution.
The team will be composed of representatives from the Office of the Deputy Executive Director for Operations, Law Department, Office of the Clerk of the Commission, and Campaign Finance Office. (PNA)