The Securities and Exchange Commission said it released the implementing rules and regulations of Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act to protect consumers from fraud and abuses.
It said the IRR covers all financial products and services including credit, securities and investments.
“True to the objectives of the FCPA, the IRR advances financial consumers’ right to equitable and fair treatment, to disclosure and transparency in the marketing of financial products and services, to protection of consumer assets against fraud and misuse, to data privacy and protection, and to timely handling and redress of complaints of consumers,” SEC chairperson Emilio Aquino said.
“In turn, the IRR reinforces the commission’s mandate of, and unwavering commitment to, protecting financial consumers, and inculcating in financial service providers the values of fairness, transparency, accountability and ethics,” Aquino said.
FCPA and the IRR also reinforce the SEC’s power over issuers of securities in tokenized or digital forms.