ARTICLE · 05 JULY 2023

SEC Issues Regulations To Implement Financial Consumer Protection Act

SyCip Salazar Hernandez & Gatmaitan

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On 25 April 2023, the Securities and Exchange Commission ("SEC") issued Memorandum Circular No. 5, series of 2023 (link here) and adopted the SEC Rules and Regulations of the Financial Products...

PhilippinesConsumer Protection

SyCip Salazar Hernandez & Gatmaitan

On 25 April 2023, the Securities and Exchange Commission ("SEC") issued Memorandum Circular No. 5, series of 2023 (link here) and adopted the SEC Rules and Regulations of the Financial Products and Services Consumer Protection Act of 2022 ("SEC FCPA IRR") to implement Republic Act No. 11765 (the Financial Products and Services Consumer Protection Act ("FCPA") – link to Official Gazette version is here).

The SEC FCPA IRR took effect on May 14, 2023. Some of the more relevant points of the SEC FCPA IRR are discussed below.

1. What is the scope and coverage of the SEC FCPA IRR?

The SEC FCPA IRR shall apply to all "financial products and services" and "financial service providers" (as defined below) which are under the jurisdiction of the SEC.

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