The Securities and Exchange Commission has denied the motions of three online lending operators found to have been conducting businesses without the necessary license from the commission.
The Securities and Exchange Commission (SEC) has cancelled the lending license and corporate registration of Flying Bear Lending Corporation which is operating as Yopeso, Morepeso and Rapidpeso.
In a statement, the commission said the cancellation is due to the firm’s failure to disclose its onlin
MANILA - The Securities and Exchange Commission (SEC) has cancelled the lending license and corporate registration of Flying Bear Lending Corp., operating as Yopeso, Morepeso and Rapidpeso, over its failure to disclose its online lending platforms (OLPs) to the commission. In an order dated June 8, the SEC Corporate Governance and Finance Department (CGFD) found that Flying Bear Lending continuously violated SEC Memorandum Circular No. 19, series of 2019 (SEC MC 19) on the disclosure requirements on advertisements of financing companies and lending companies and reporting of online lending platforms. SEC MC 19 requires lending and financing companies to report their OLPs to the commission prior to their launch and operation. Lending companies must also disclose in their advertisements and OLPs specific information, such as their corporate names, SEC registration numbers, and certificates of authority. The memorandum circular further requires companies to register their OLPs as business
The Securities and Exchange Commission (SEC) has ordered three online firms to stop their unauthorized lending activities and their use of abusive collection practices. In an order issued April 26, the Commission En Banc directed Golden Cash, Help Cash, and Grace Cash to immediately cease and desis