A special stockholder's meeting of EuroAxis Bank was set for 27 May 200 the stockholders to vote on whether they would approve the proposed merger Bank with Bank of the Philippine Archipelago. In connection therewith, proxies w to be submitted on or before 17 May 2008 and the proxy validation was slated 2008. The proxy validation on 22 May was undertaken by EuroAxis Bank secretary Atty. Tuscan. Sunshine Holdings Inc., a minority EuroAxis Bank stock with the Securities and Exchange Commission an urgent petition seeking to Tuscan from validating proxies in favor of Boris Reyes and other EuroAxis Bank on the ground of fraud and serious irregularities. Does the SEC have jurisdict petition? Explain