UNDER SEC. 53.1 OF THE SECURITIES REGULATION CODE, A CRIMINAL COMPLAINT FOR VIOLATION OF ANY LAW OR RULE ADMINISTERED BY THE SEC MUST FIRST BE FILED WITH IT. IF THE SEC FINDS THAT THERE IS PROBABLE CAUSE, THEN IT SHOULD REFER THE CASE TO THE DOJ.

     A  criminal charge for the violation of the SRC is a specialized dispute.  Hence it must first be referred to an administrative agency of special competence, i.e., the SEC.  Under the doctrine of primary jurisdiction, court will not determine a controversy involving a question within the jurisdiction of the administrative tribunal, where the question demands the exercise of sound administrative discretion requiring the specialized knowledge and expertise of said administrative tribunal to determine technical and intricate matters of fact.  (Baviera v. Paglinawan, G.R. No. 168380, February 8, 2007).