&d' Regulate, inestigate or superise the actiities of persons to ensure compliance(&e' Superise, monitor, suspend or take oer the actiities of e3changes, clearing agencies and other SRs(&f' $mpose sanctions for the iolation of laws and rules, regulations and orders, and issued pursuant thereto(&g' +repare, approe, amend or repeal rules, regulations and orders, and issue opinions and proide guidance on and superise compliance with such rules, regulation and orders(&h' 6nlist the aid and support of and0or deputized any and all enforcement agencies of the Aoernment, ciil or military as well as any priate institution, corporation, firm, association or person in the implementation of its powers and function under its Code(&i' $ssue cease and desist orders to preent fraud or in=ury to the inesting public(&=' +unish for the contempt of the Commission, both direct and indirect, in accordance with the pertinent proisions of and penalties prescribed by the Rules of Court(&k' Compel the officers of any registered corporation or association to call meetings of stockholders or members thereof under its superision(&l' $ssue subpoena duces tecum and summon witnesses to appear in any proceedings of the Commission and in appropriate cases, order the e3amination, search and seizure of all documents, papers, files and records, ta3 returns and books of accounts of any entity or person under inestigation as may be necessary for the proper disposition of the cases before it, sub=ect to the proisions of e3isting laws(&m' Suspend, or reoke, after proper notice and hearing the franchise or certificate of registration of corporations, partnership or associations, upon any of the grounds proided by law( and&n' 63ercise such other powers as may be proided by law as well as those which may be implied from, or which are necessary or incidental to the carrying out of, the e3press powers granted the Commission to achiee the ob=ecties and purposes of these laws!1!! The Commission>s =urisdiction oer all cases enumerated under section 1 of +residential *ecree <o! 89-2 is hereby transferred to the Courts of general =urisdiction or the appropriate Regional Trial Court%
, That the Supreme Court in the e3ercise of its authority may designate the Regional Trial Court branches that shall e3ercise =urisdiction oer the cases! The Commission shall retain =urisdiction oer pending cases inoling intra-corporate disputes submitted for final resolution which should be resoled within one &#' year from the enactment of this Code! The Commission shall retain =urisdiction oer pending suspension of payment0rehabilitation cases filed as of 9 Bune 999 until finally disposed!
#ndemnification and Responsibilities of Commissioners
!– 4!#! The Commission shall indemnify each Commissioner and other officials of the Commission, including personnel performing superision and e3amination functions for all cost and e3penses reasonably incurred by such persons in connection with any ciil or criminal actions, suits or proceedings to be liable for gross negligence or misconduct! $n the eent of settlement or compromise, indemnification shall be proided only in connection with such matters coered by the settlement as to which the Commission is adised by e3ternal counsel that the persons to be indemnified did not commit any gross negligence or misconduct! The costs and e3penses incurred in defending the aforementioned action, suit or proceeding may be paid by the Commission in adance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Commissioner, officer or employee to repay the amount adanced should it ultimately be determined by the Commission that he0she is not entitled to be indemnified as proided in this subsection!4!! The Commissioners, officers and employees of the Commission who willfully iolate this Code or who are guilty of negligence, abuse or acts of malfeasance or fail to e3ercise e3traordinary diligence in the performance of their duties shall be held liable for any loss or in=ury suffered by the Commission or other institutions such as a result of such iolation, negligence, abuse, or malfeasance, or failure to e3ercise e3traordinary diligence! Similar responsibility shall apply to the Commissioners, officers and employees of the Commission for &#' the disclosure of any information, discussion or resolution of the Commission of a confidential nature, or about the confidential operations of the Commission unless the disclosure is in connection with the performance of official functions with the Commission or prior authorization of the Commissioners( or &' the use of such information for personal gain or to the detriment of the goernment, the Commission or third parties% +roided, howeer, That any data or information re:uired to be submitted to the +resident and0or Congress or its appropriate committee, or to be published under the proisions of this Code shall not be considered confidential!
– 5!#! To achiee the goals of this Code, consistent with the Ciil Serice laws, the Commission is hereby authorized to proide for its reorganization, to streamline its structure and operations, upgrade its human resource component and enable it to more efficiently and effectiely perform its functions and e3ercise its power under this Code!