The Securities and Exchange Commission (SEC) has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) despite a moratorium imposed by the Commission. In an order, the SEC Corporate Governance and Finance Department (CGFD) foun
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), which provides the disclosure requirements on advertisements of financing companies and lending companies and reporting of online lending platforms. The findings were supported by the results of the joint operation of the SEC Enforcement and Investor Protection Department (EIPD) and the Philippine National Police Anti-Cybercrime Group on February 12 for the implementation of a warrant to search, se