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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 ....

Bangko Sentral , Rodrigor Duterte , Services Consumer Protection Act , Exchange Commission , Insurance Commission , Republic Act , Financial Products , President Rodrigo , Securities Regulation Code , Consumer Protection Risk Management System , Investor Protection Departmentat , Manila The Securities And Exchange Commission Sec Has Released Draft Implementing Rules Regulations Irr Of Republic Act 11765 , R The Financial Products And Services Consumer Protection Act Fcpa , Or Public Comment The Draft Irr Will Operationalize Newly Signed Law That Aims To Protect Interests Of Financial Consumers By Strengthening Country 39s Regulators Providing Them With Rule Making , Arket Monitoring And More Enforcement Powers Former President Rodrigor Duterte Approved The Measure On May 6 , S Part Of Efforts To Ensure That Mechanisms In Line With Global Best Practices Are Place Protect Consumers Financial Products And Services The Sec , S Well As The Bangko Sentral Ng Pilipinas Bsp And Insurance Commission Ic , Ave The Authority To Issue Its Own Standard And Rules For Application Of Provisions New Law Within Jurisdiction Draft Will Cover All Financial Products Services Service Providers Under Sec These Include Credit , Ecurities And Investments , Ncluding Digital Financial Products Or Services Which Pertain To The Broad Range Of Accessed And Delivered Through Channels Proposed Guidelines Provide That Securities , Eyond Their Definition Under Section 3 1 Of Republic Act 8799 , R The Securities Regulation Code Src , Hall Include Quot Tokenized Securities Products , Uot Or Those Which Grew With The Abstraction Of Key Characteristics From Cryptocurrency 39s Underlying Distributed Ledger Technology To Apply In Traditional Financial Sector Powers Sec Draft Rules Expand Enforcement Actions That May Be Conducted By , Hich Shall Include The Restriction On Ability Of Financial Service Provider To Collect Excessive Or Unreasonable Interests , R Charges Disqualification And Or Suspension Of Directors ,