SEC issues guidelines for new online lending platformsIn this photo, a man uses a smartphone to apply for an online loan. MANILA, Philippines — The Securities and Exchange Commission (SEC) is pushing through with its plan to lift the moratorium on the registration of new online lending platforms (OLPs), while also enhancing regulatory safeguards and supervisory requirements. The commission issued yesterday for public comments its draft guidelines that prescribe prudential, disclosure and market conduct requirements for financing and lending companies. In November 2021, the SEC issued MC 10, imposing a moratorium on the recording of new OLPs, which likewise applied to existing financing and lending companies operating such platforms. Further, the draft circular prescribes minimum paid-up capital requirements for financing and lending companies as well as for those that intend to operate OLPs.
