Requested from SEC by G. Graciadas at 04:34 PM on
Aug 14, 2020.
Purpose: Public interest
Date of Coverage: 01/01/2020 - 08/14/2020
Tracking no: #SEC-243486845688
Graciadas 04:34 PM, Aug 14, 2020
Hi, I would like to seek any records on the following:
1.) The SEC's policy for submitting complaints against Lending/Finance Companies (LC/FCs);
2.) Documents clarifying whether or not the SEC has the authority to revoke a license of a LC/FC, or whether it can only issue warnings, fines, and arrange settlement meetings;
3.) Documents clarifying whether the SEC has the authority to block complaints or ignore complainants. Recently, it has been documented that the SEC is ignoring a number of victims of illegal recruitment schemes and not providing an explanation for this.
Infante 05:30 PM, Aug 14, 2020
August 14, 2020
Dear Grace A.,
Thank you for your request dated Aug 14, 2020 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for SEC Lending/Finance Company Complaint Intake Procedure.
We received your request on Aug 14, 2020 and will respond on or before Sep 04, 2020 04:34:13 PM, in accordance with the Executive Order's implementing rules and regulations.
Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://pcoomaster11222017130000-dot-efoi-ph.appspot.com/requests/aglzfmVmb2ktcGhyHQsSB0NvbnRlbnQiEFNFQy0yNDM0ODY4NDU2ODgM, for request with ticket number #SEC-243486845688.
Thank you.
Respectfully,
Violeta Infante
FOI Officer
Gumtang- Remalante 02:51 PM, Aug 19, 2020
August 19, 2020
Dear Grace A. Graciadas,
Greetings!
Thank you for your request dated Aug 14, 2020 04:34:13 PM under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch.
Your Request
You asked for SEC Lending/Finance Company Complaint Intake Procedure.
This refers to your requests filed under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch on 14 August 2020.
1. As to your request regarding the following:
a. records on SEC’s policy for submitting complaints against lending/financing companies;
b. documents clarifying whether or not the SEC has the authority to revoke licenses of lending/financing companies; and
c. documents clarifying whether the SEC has the authority to block complaints or ignore complainants
please refer to this link for the SEC’s policy for submitting complaints against lending and financing companies: https://www.sec.gov.ph/lending-companies-and-financing-companies-2/complaints/
For clarification on the powers and functions of the Commission, kindly refer to the following laws, rules and regulations:
a. Presidential Decree (PD) 902-A, or the Reorganization of the Securities and Exchange Commission with Additional Powers and Placing the said Agency under the Administrative Supervision of the Office of the President
b. Republic Act (R.A.) No. 8799, or the Securities Regulation Code
c. R.A. No. 11232, or the Revised Corporation Code of the Philippines
d. R.A. No. 8556, or the Financing Company Act of 1998 and its Implementing Rules and Regulations (IRR)
e. R.A. No. 9474, or the Lending Company Regulation Act of 2007 and its IRR
f. The 2016 Rules of Procedure of the Securities and Exchange Commission
You may also visit the Commission’s website at https://www.sec.gov.ph/ for more information.
Your right to request a review
If you are unhappy with this response to your FOI request, you may ask us to carry out an internal review of the response by writing to <SEC Commission Secretary/comsec@sec.gov.ph>. Your review request should explain why you are dissatisfied with this response, and should be made within 15 calendar days from the date when you received this letter. We will complete the review and tell you the result within 30 calendar days from the date when we receive your review request.
If you are not satisfied with the result of the review, you then have the right to appeal to the Office of the President under Administrative Order No. 22 (s. 2011).
Thank you.
Respectfully,
Atty. Rachel Esther Gumtang- Remalante
FOI Receiving Officer
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