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SEC revokes Cashtrees Lending license - Vimarsana News

SEC revokes Cashtrees Lending license

Published: March 24, 2022

MANILA - The Securities and Exchange Commission (SEC) has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission. In an order dated March 16, the SEC Corporate Governance and Finance Department (CGFD) found that Cashtrees committed eight violations of SEC Memorandum Circular No. 10, series of 2021, which provides for the Moratorium of New Online Lending Platforms (SEC MC 10). Cashtrees also committed eight violations of SEC Memorandum Circular No. 19, series of 2019 (SEC MC 19), w...

Source: philippinetimes.com
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Exchange CommissionInvestor Protection DepartmentCashtrees Lending CorporationPhilippine National Police AntiLending Company RegulationCybercrime Group OnFinance DepartmentNew Online Lending PlatformsPhilippine National Police Anti Cybercrime GroupRush LoanEasy MoneyGood PocketLucky StartSwipe CashMega LoanGold PesoRepublic ActLending Company Regulation ActManila The Securities And Exchange Commission Sec Has Revoked License Of Cashtrees Lending Corporation For Launching Operating Unregistered Online Platforms Olps Amida Moratorium Imposed By In An Order Dated March 16He Sec Corporate Governance And Finance Department Cgfd Found That Cashtrees Committed Eight Violations Of Memorandum Circular No 10Eries Of 2021Hich Provides For The Moratorium Of New Online Lending Platforms Sec Mc 10 Cashtrees Also Committed Eight Violations Memorandum Circular No 19Eries Of 2019 Sec Mc 19 Hich Provides The Disclosure Requirements On Advertisements Of Financing Companies And Lending Reporting Online Platforms Findings Were Supported By Results Joint Operation Sec Enforcement Investor Protection Department Eipd Philippine National Police Anti Cybercrime Group February 12 For Implementation Ofa Warrant To SearchNd Examine Computer Data Against Cashtrees In Its Report Following The Operation
SEC halts more illegal online lending operators - Vimarsana News

SEC halts more illegal online lending operators

Published: February 8, 2022

MANILA - The Securities and Exchange Commission (SEC) has ordered five illegal online lending operators to stop their operations without prior authorization from the commission. In an order issued February 3, the commission en banc directed Tacoloan, VCash, 365 Cash, SwipeCash, and BootCash to immediately cease and desist from operating, engaging in, carrying out, abetting, and/or promoting lending/financing businesses and related activities until they have incorporated and secured from the SEC their respective certificates of authority to operate as a lending or financing company (CA). The co...

Source: philippinetimes.com
Related Topics:
Exchange CommissionLending Company RegulationLending Company Regulation ActEasymoney Online LendingManila The Securities And Exchange Commission Sec Has Ordered Five Illegal Online Lending Operators To Stop Their Operations Without Prior Authorization From In An Order Issued February 3He Commission En Banc Directed Tacoloan65 CashNd Bootcash To Immediately Cease And Desist From OperatingEngaging InCarrying OutNd Or Promoting Lending Financing Businesses And Related Activities Until They Have Incorporated Secured From The Sec Their Respective Certificates Of Authority To Operate Asa Company Ca CompaniesTheir AgentsEpresentatives And PromotersS Well As The Owners And Operators Of Their Hosting SitesEre Further Enjoined To Cease Offering And Advertising Their Lending Business Through The Internet Or Any Other Media Remove All Materials Involving Such Sec Issued Order After Finding That None Of Groups Are Registered Asa CorporationOr Have They Secured Cas From The Commission Republic Act No 9474R The Lending Company Regulation Act Of 2007 Lcra Equires Persons Or Entities Operating As Lending Companies To Register Corporations And Secure From The Sec Necessary Authority Operate Quott He Commission Finds So Holds That Issuance Ofa Cdo Cease Desist Order Is Warranted In Instant Case Not Only Stop Illegal Act But Also Prevent Continued Fraud On Public Who Are Led By Online Operators Belief They Area Legitimate BusinessUot The Sec En Banc Said Quot Commission Is Duty Bound To Strictly Implement Provisions Of Lcra Nsure That Public Interest Is At All Times Upheld And The Protected From Persons Who Carry Out Unauthorized Or Illegal Lending ActivitiesUot It Said In Addition To Their Illegal OperationsHe Sec Has Also Received Complaints About The Unfair Debt Collection Practices Of Online Lending Operators This Marks Second Cdo Against Illegal That Issued For Year Earlier Directed Goodpocket And Easymoney To Stop All Activities Until They Have Secured Necessary Licenses From Commission See List Licensed Financing Companies Their Registration StatusIsit The Lending And Financing Companies Corner On Sec Website Athttps Www Gov Ph 2 Pr