MANILA, Philippines — The Securities and Exchange Commission (SEC) is further strengthening its enforcement efforts against illegal acts. These include investment scams, predatory lending practices, money laundering, terrorist financing, market abuse, disclosure violations and others.
This is through a whistleblower protection program that safeguards individuals who report such anomalies.
The SEC last Nov. 12 issued for public comment the draft memorandum circular providing guidelines on whistleblower protection. This is as part of its contribution to corporate integrity and the country’s broader anti-corruption and transparency efforts under the United Nations Convention against Corruption. The move is also in coordination with initiatives of the Department of Finance.
“Financial consumers, investors, and corporate insiders all play a vital role in safeguarding the integrity of our financial and corporate sectors. Their willingness to expose wrongdoings forms part of our defense against fraud, market abuse, failures in disclosure, and other illegal acts,” SEC chair Francis Lim said in a statement.
“Through the issuance of these whistleblower protection guidelines, we seek to empower victims, market participants, and concerned citizens to come forward without fear, report violations of corporate and securities laws, from scams to complex misconduct such as insider trading and failures to disclose beneficial ownership, and join us in our fight against illicit activities...
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