Practice question
According to SEC v. Prosperity.Com, what is the Philippine role of the cited United States investment-contract decisions?
- Persuasive rather than binding, when logical and consistent with Philippine interests
- Binding Philippine statutes merely because issued abroad
- Automatically superior to the Securities Regulation Code
- Irrelevant in every circumstance
- Private contracts between all Philippine investors
Legal references
- RA8799 Securities Regulation Code: https://lawphil.net/statutes/repacts/ra2000/ra_8799_2000.html Sections3.1,9–10.
- Power Homes Unlimited v. SEC, GR164182, February26 2008 MAIN: https://lawphil.net/judjuris/juri2008/feb2008/gr_164182_2008.html MAIN flexible investment-contract test.
- SEC v. Prosperity.Com, GR164197, January25 2012 MAIN: https://lawphil.net/judjuris/juri2012/jan2012/gr_164197_2012.html MAIN test and role of persuasive foreign authorities.
Answer this question in flashcards to review your response and continue practicing.