![[POINT OF LAW] Investor protection, not tax collection](https://i.headtopics.com/images/2023/8/24/rapplerdotcom/point-of-law-investor-protection-not-tax-collectio-point-of-law-investor-protection-not-tax-collectio-D86506D420571338689E53CA6CBBF104.webp)
Holcim's suspended trading in the stock market imposes unjust obligations on the investing public
imposed on Holcim, a publicly listed company, has given rise to a pressing concern that threatens the rights and interests of the investing public.
The revenue regulation is of doubtful validity as it penalizes the investing public for the failure of a listed company to maintain the minimum public ownership required by the PSE. The PSE may want to consider lifting the trading suspension temporarily to make way for the sale of the tendered shares in response to the tender offer. And it should forego a ruling from the Bureau of Internal Revenue as a condition to lifting the trading suspension.
In a 2022 case where the Securities and Exchange Commission and PSE were parties, the Supreme Court ruled that the authority of the SEC does not extend to enforcing tax laws and regulations. By not lifting the trading suspension, the PSE would effectively enforce the capital gains tax on Holcim shareholders and risks encroaching upon matters that are beyond its authority.