Question
Mr. and Mrs. Reyes invested their hard-earned savings in securities issued by LEAD Bank. After discovering that securities sold to them were not registered with
Mr. and Mrs. Reyes invested their hard-earned savings in securities issued by LEAD Bank. After discovering that securities sold to them were not registered with the Securities and Exchange Commission (SEC) in violation of the Securities Regulation Code (SRC), the spouses Reyes filed a complaint for nullity of contract and for recovery of a sum of money with the RTC. LEAD Bank moved to dismiss the case on the ground that it is the SEC that has primary jurisdiction over actions involving violations of the SRC. Question: Who has the jurisdiction for such a case? a. SEC only b. RTC only c. Either SEC or RTC d. Neither SEC or RTC, the Court of Appeals has the jurisdiction.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started