The SEC has published the Implementing Rules and Regulations (IRR) of Republic Act No. 11765, the Financial Products and Services Consumer Protection Act (FCPA), which covers digital products and cryptocurrencies.
The Securities and Exchange Commission has drafted, for public comment, the Implementing Rules and Regulations of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act which also covers digital products and cryptocurrencies.
The SEC, as well as the Bangko Sentral ng Pilipinas and Insurance Commission , have the authority to issue its own standard and rules for the application of the provisions of the new law within its jurisdiction. The proposed guidelines provide that securities, beyond their definition under Section 3.1 the Securities Regulation Code , shall include “tokenized securities products,” or those which grew with the abstraction of key characteristics from cryptocurrency’s underlying distributed ledger technology to apply in the traditional financial sector.
The draft IRR authorizes the Commission to further adopt rules and regulations concerning the creation and operation of a disgorgement fund, payments to financial consumers, rate of interest, period of accrual, and other matters related to the disgorgement fund. The draft guidelines will require financial service providers to integrate a Consumer Protection Risk Management System into its enterprise-wide risk management processes and risk governance framework.
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