Analyzing the right to privacy of stockholders in the Philippine stock exchange

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ID: 286459
2018
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Abstract
The Philippine Stock Exchange plays a vital role in our economy,To faciliate the transactions in the stock market, the use of uncertificated shares has been allowed by the Securities Regulation Code. Shares are transacted under the name of PCD Nominee. Shareholdings are considered confidential. The Bureau of Internal Revenue has required the disclosure of the stockholders who are the beneficial owners of the shares under the name of PCD. This study has determined that while the stockholders have the right to privacy, such right is not absolute. Nevertheless, the disclosure required under the law must still be made with the sufficient safeguards that will protect the shareholders from unnecessary exposures. This study has concluded that the requirement of BIR to disclose the beneficial owners under PCD Nominee as payees of dividends is unconstitutional for being broad and violative of the right against unreasonable searches and seizure and right to due process. Consequently, BIR should revisit the said requirement and abide on its procedures for the issuance of subpoena.
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Authors Recio, Dexter M.
Journal Malay Journal
Year 2018
DOI
DOI not found
URL
https://animorepository.dlsu.edu.ph/etd_masteral/7282
Keywords Keywords not found

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