Procedures Governing Complaints Filed Against Pre-Need Plan Companies

October 10, 2002PROCEDURES GOVERNING COMPLAINTS FILED AGAINST PRE-NEED PLAN COMPANIESSECTION 1. Coverage/Applicability. —This circular shall govern the procedures to be observed by the Non-Traditional Securities and Instruments Department (NTD) of the Securities and Exchange Commission and Extension Offices of the Securities and Exchange Commission in connection with the filing of a complaint by a planholder against pre-need companies for any violation of Section 16, Chapter IV of the Securities and Regulation Code, Republic Act 8799, otherwise known as the "Securities Regulation Code of 2000". ATHCacSECTION 2. Construction. —These procedures shall be liberally construed in order to promote public interest and to assist the parties in obtaining just, expeditious and inexpensive resolution of controversies before the NTD, arising from any transaction made by planholders with the pre-need companies. Requisites of form shall not take preeminence over the substance of a complaint nor affect the validity of a proceeding, provided that the facts alleged can be clearly determined for the proper disposition of the case.SECTION 3. Venue. —All proceedings covered herein shall be commenced and terminated before...