Regulatory Alerts2021-02-15
SEC Memorandum Circular No. 02 Series of 2021 on Compliance with Section 4 of SEC MC 18 Series of 2019 for Newly Registered Financing and Lending Companies
The Securities and Exchange Commission issued this circular to clarify the submission timeline for the Sworn Certification of compliance with unfair debt collection prohibitions for newly registered financing and lending companies. Entities incorporated between September 2019 and February 2021 must file within thirty days of this circular's effectivity, while those incorporated thereafter must submit within thirty days of receiving their Certificate of Authority to Operate. Failure to comply subjects these companies to penalties prescribed under Section 5 of the original Memorandum Circular No. 18, Series of 2019.
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