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SEC followed law in Rappler ruling: fund manager

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ABS-CBN News

MANILA - The Securities and Exchange Commission merely followed the law when it revoked the incorporation papers of news website Rappler, a fund manager said Tuesday.The SEC said Rappler violated constitutional restrictions on foreign ownership by giving Omidyar, which holds Philippine Depositary Receipts or PDRs of the company, the &quot;right to participate&quot; in &quot;management acts.&quot;The SEC was &quot;being consistent in how it applies the rules,&quot; said Ed Francisco, president of BDO Capital and former co-chairman of the Capital Markets Development Council.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/news/01/15/18/rapplers-incorporation-papers-revoked-by-sec">Rappler&#x27;s incorporation papers revoked by SEC</a></li>	<li><a href="http://news.abs-cbn.com/business/01/16/18/sec-chief-says-to-defend-rappler-ruling-to-the-hilt">SEC chief says to defend Rappler ruling &#x27;to the hilt&#x27;</a></li></ul>Francisco said Rappler had the option to refile the PDRs to address the regulator&#x27;s concern.&quot;They can also just redeem it and issue again new PDRs but this way, they can be fully compliant and therefore there should not be an issue.&quot;Rappler has accused the government of harassing it with the SEC decision. Malacanang however denied this.<ul class="op-related-articles">	<li><a href="http://news.abs-cbn.com/news/01/15/18/rappler-cries-harassment-over-sec-closure-order">READ: Rappler cries harassment over SEC closure order</a></li></ul>

The Securities and Exchange Commission merely complied with the law when it revoked the incorporation papers of news website Rappler, a fund manager said Tuesday.

The Securities and Exchange Commission merely complied with the law when it revoked the incorporation papers of news website Rappler, a fund manager said Tuesday.