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Administrative Law Case Digests
Makati Stock Exchange Inc. vs Securities and Exchange Commission, 14 SCRA 620 Case Digest
G.R. No. L-23004
June 30, 1965
Titlu original
Makati Stock Exchange Inc. vs Securities and Exchange Commission, 14 SCRA 620 Case Digest (Administrative Law)
Administrative Law Case Digests
Makati Stock Exchange Inc. vs Securities and Exchange Commission, 14 SCRA 620 Case Digest
G.R. No. L-23004
June 30, 1965
Administrative Law Case Digests
Makati Stock Exchange Inc. vs Securities and Exchange Commission, 14 SCRA 620 Case Digest
G.R. No. L-23004
June 30, 1965
MAKATI STOCK EXCHANGE, INC. vs SECURITIES AND EXCHANGE COMMISSION
14 SCRA 620 Scope of Powers of Administrative Agencies Express and Implied Powers FACTS: The Securities and Exchange Commission, in its resolution, denied the Makati Stock Exchange permission to operate a stock exchange unless it agreed not to list for trading on its board, securities already listed in the Manila Stock Exchange. Objecting to the requirement, Makati Stock Exchange, Inc. contends that the Commission has no power to impose it and that anyway, it is illegal, discriminatory and unjust. The Commission's order or resolution would make impossible, for all practical purposes, for the Makati Stock Exchange to operate, usch that its "permission" amounted to a "prohibition." ISSUE: Whether or not the SEC has the authority to promulgate the rule in question RULING: No. The Commission cites no provision of law expressly supporting its rule against double listing. It suggests that the power is 'necessary for the execution of the functions vested in it.' It argues that said rule was approved by the Department Head before the War and it is not in conflict with the provisions of the Securities Act. The approval of the Department, by itself, adds no weight in a judicial litigation. The test is not whether the Act forbids the Commission from imposing a prohibition but whether it empowers the Commission to prohibit. The Commission possesses no power to impose the condition of the rule which results in discrimination and violation of constitutional rights. It is fundamental that an administrative officer has such powers as expressly granted to him by statute, and those necessarily implied in the exercise thereof. Accordingly, the license of the Makati Stock Exchange is approved without such condition against double listing. RATIO: It is fundamental that an administrative officer has only such powers as are expressly granted to him by the statute, and those necessarily implied in the exercise thereof. ---