The Philippines Securities and Exchange Commission (SEC) has proposed a whistleblower protection programme to strengthen its enforcement against investment scams, predatory lending, and market abuse.
On November 12, the Commission issued a draft memorandum circular for public comment. The programme is designed to safeguard individuals who report illegal acts and violations.
SEC Chairperson Francis Lim stated the guidelines aim to:
“Empower victims, market participants, and concerned citizens to come forward without fear, report violations of corporate and securities laws… and join us in our fight against illicit activities that harm financial consumers and erode confidence in our markets”.
Under the draft guidelines, a whistleblower is defined as any person providing truthful information about a “reportable act”.
These acts include offences under the Revised Corporation Code, the Securities Regulation Code, the Financial Products and Services Consumer Protection Act, and the Lending Company Regulation Act.
This allows reporting on complex issues like insider trading and market manipulation, not just obvious scams.
Reports may be filed through various channels, including a new “Whistleblowing Portal” on the SEC website, as well as by email, phone, the SEC Check App, or in person.
The SEC will process anonymous reports if the information provides “verifiable leads”.
A designated Whistleblowing Office will be created to manage reports. The guidelines also include measures...
The prosecution has requested a prison sentence for a YouTuber charged with spreading rumors about SK Group Chairman Chey Tae-won and Kim Hee-young, director of the T&C Foundation. On the 17th...