Veteran PSE directors challenge SEC term cap in Philippine court

Two veteran Philippine Stock Exchange directors asked the Court of Appeals to void a Securities and Exchange Commission rule imposing a 10-year term cap on broker-directors. The rule, SEC Memorandum Circular No. 17, limits cumulative tenure to 10 years and imposes penalties. Petitioners Eddie Gobing and Ma. Vivian Yuchengco call it unconstitutional, beyond SEC authority, and a violation of due process and equal protection. Gobing and Yuchengco have served 27 and 29 years respectively and were top vote-getters. They argue the law grants term limits only for independent directors, not broker-directors.