(from left) Diosdado Arroyo, Ma. Vivian Yuchengco, Eddie Gobing, and Wilson Sy

The Securities and Exchange Commission (SEC) is moving to overhaul the stock exchange's leadership, proposing strict term limits that would unseat several long-serving power players in the local brokerage community.

Under draft SEC rules released for public comment, broker directors would be restricted to a maximum cumulative term of 10 years at

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