High Court stops BIR-SEC’s new disclosure ruling

The Supreme Court on Tuesday stopped the Bureau of Internal Revenue (BIR) and the Securities and Exchange Commission (SEC) from enforcing new regulations that would require the stock exchange, brokers, banks and other companies to disclose their shareholders or investors who receive income payments and dividends.

In an en banc session on Tuesday, the high court issued a temporary restraining order (TRO), effective immediately, stopping Finance Cesar Purisima and BIR Commissioner Kim Henares from enforcing the new regulations. The SEC was also covered by the TRO.