The Supreme Court has declared void for being unconstitutional the regulations issued by the BIR and the SEC requiring businesses, including those in the banking and financial sectors. Know more:
THE Supreme Court has declared void for being unconstitutional the regulations issued by the Bureau of Internal Revenue and the Securities and Exchange Commission requiring businesses, including those in the banking and financial sectors, to disclose the names of their investors including their addresses, tax identification number and their corresponding amount of income and withholding tax.
The TRO was sought by the Philippine Stock Exchange Inc. , the Bankers Association of the Philippines, the Philippine Association of Securities Brokers and Dealers Inc., the Fund Managers Association of the Philippines, the Trust Officers Association of the Philippines and Marmon Holdings Inc. Petitioners said their right to due process was violated by the respondents—Department of Finance, BIR and SEC—which failed to send notice or hold hearings to explain the provisions and requirements of the regulations.
“Thus, the Court sees that the enforcement of the questioned regulations puts the right to privacy of the investors in peril. For this, the questioned regulations must be struck down,” it added.
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