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Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
AT A GLANCE:
Financial regulators refer to the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Insurance Commission (IC), and the Cooperative Development Authority (CDA). (Section 3, par. d, Financial Products and Services Consumer Protection Act)
These government agencies shall have the authority to require their respective supervised financial service providers and their third-party agents/service providers to submit reports or documents, as needed. (Section 5, Financial Products and Services Consumer Protection Act)
Financial regulators
Financial regulators refer to the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Insurance Commission (IC), and the Cooperative Development Authority (CDA). (Section 3, par. d, Republic Act No. 11765)
The law says:
“The Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), and Insurance Commission (IC) shall enforce the provisions of this Act on all financial service providers under their jurisdiction by virtue of their respective charters, special laws and amendments thereto. The CDA shall be considered an implementing government agency of this Act only with respect to cooperative offering financial products or services, such as but not limited to, savings and credit, except insurance cooperatives which shall be under the jurisdiction of the IC, and cooperative banks and other BSP-supervised cooperative financial institutions, which shall be under the jurisdiction of the BSP.” (Section 5, Financial Products and Services Consumer Protection Act)
Under the law, financial regulators shall have the following powers:
- Rule-making power;
- Market Conduct Surveillance and Examination;
- Market Monitoring;
- Enforcement;
- Consumer redress and complaints handling mechanism; and
- Such other powers as may be provided under their specific charters and enabling law. (Section 6, Financial Products and Services Consumer Protection Act)
Market Monitoring
Financial regulators shall have the authority to require their respective supervised financial service providers and their third-party agents/service providers to submit reports or documents, as needed.
For purposes of market monitoring, the financial regulators may obtain relevant data about financial products, services and markets from other government agencies, which shall be duty-bound to furnish the same. (Section 6, par. c, Financial Products and Services Consumer Protection Act)
The market monitoring power of financial regulators, when taken together with its other powers, provides ample protection and mechanism for promptly addressing concerns of financial consumers.
Read also: Financial Products and Services Consumer Protection Act (Republic Act No. 11765)
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries regarding taxation and taxpayer’s remedies, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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