The SEC has released the implementing rules and regulations of Republic Act 11765, or the Financial Products and Services Consumer Protection Act, which seeks to have stronger regulation and enforcement against investment frauds and abuses.
THE Securities and Exchange Commission has released the implementing rules and regulations of Republic Act 11765, or the Financial Products and Services Consumer Protection Act, which seeks to have stronger regulation and enforcement against investment frauds and abuses.
“In turn, the IRR reinforces the commission’s mandate of, and unwavering commitment to, protecting financial consumers, and inculcating in financial service providers the values of fairness, transparency, accountability and ethics,” Aquino added. The rules also allow the SEC to issue an order requiring accounting and disgorgement of profits obtained or losses avoided, as a result of a violation of the FCPA and other existing laws, including reasonable interest, in addition to penalties it may impose for such violation.
Should the violation be committed by a corporation or a juridical entity, the directors, officers, employees, or other officers who are directly responsible for such violation shall be held liable.
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