The Securities and Exchange Commission has released the draft implementing rules and regulations for public comment on the Financial Products and Services Consumer Protection Act (FCPA).
THE Securities and Exchange Commission has released the draft implementing rules and regulations for public comment on the Financial Products and Services Consumer Protection Act .
The draft rules will cover all financial products and services and financial service providers under the jurisdiction of the SEC. These financial products and services include credit, securities and investments, including digital financial products or services which pertain to the broad range of financial services accessed and delivered through digital channels.
The Cornell University defines disgorgement as “a remedy requiring a party who profits from illegal or wrongful acts to give up any profits they made as a result of that illegal or wrongful conduct. The purpose of this remedy is to prevent unjust enrichment and make illegal conduct unprofitable.” Persons who violate provisions of the FCPA or the rules pursuant to its implementation will be punished by imprisonment of not less than one year, but not more than five years or by a fine of not less than P50,000 but not more than P2 million or both, at the discretion of the court
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