MANILA - The Securities and Exchange Commission (SEC) has released the draft implementing rules and regulations (IRR) of Republic Act 11765, or the Financial Products and Services Consumer Protection Act (FCPA), for public comment. The draft IRR will operationalize the newly signed law that aims to protect the interests of financial consumers by strengthening the country's financial regulators by providing them with rule-making, surveillance, inspection, market monitoring and more enforcement powers. Former President Rodrigo R. Duterte approved the measure on May 6, 2022, as part of efforts to ensure that mechanisms in line with global best practices are in place to protect consumers of financial products and services. The SEC, as well as the Bangko Sentral ng Pilipinas (BSP) and Insurance Commission (IC), have the authority to issue its own standard and rules for the application of the provisions of the new law within its jurisdiction. The draft rules will cover all financial prod