SEC issues cease-and-desist orders vs 7 leading platforms

THE Securities and Exchange Commission (SEC) has issued cease-and-desist orders against seven entities accused of operating online lending platforms (OLPs) without the required registration.

- 

In a statement on Monday, the SEC said its Financing and Lending Companies Division (FinLend) issued separate orders dated Aug. 15 against Cash Konek, Pesosuki, Yescom Lending-Quick Cash Loan, Pesol01-Fast Loans PH, Peso Cow-Mabilis Pera Loan, Swiftloan: Loan App Philippines, and Pera Loan: Fast Cash PH.

The regulator directed the entities, including their owners, operators, promoters, representatives, agents, and others acting on their behalf, to stop offering, promoting, or facilitating lending-related transactions until they secure the necessary registration and approval.

“In light of the [companies’] continued unauthorized operation of [their OLPs], the commission finds it necessary to issue [these cease-and-desist orders] in order to prevent further harm or prejudice to the public, and to safeguard the integrity of the regulatory framework governing lending companies,” the orders read.