The Securities and Exchange Commission (SEC) has released the draft Implementing Rules and Regulations (IRR) of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Ac…
The Securities and Exchange Commission has released the draft Implementing Rules and Regulations of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act , for public comment.
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.
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 The SEC may institute an independent civil action on behalf of aggrieved financial consumers for violations of the FCPA and its IRR, depending on the nature, effects, frequency, and seriousness of the violation.
An investment adviser shall refer to any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, whether electronically or in any other form, as to the value of investment products or as to the advisability of investing in, purchasing, or selling investment products, or who, for compensation and as part of a regular business, issues, or promulgates analyses or reports concerning investment products.
Through the FCPAM, financial consumers will be provided accessible, affordable, independent, fair, accountable, timely, and efficient means for resolving complaints. Those unsatisfied with the financial service provider’s handling of complaints may elevate their concerns to the SEC.
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