SEC joins global alliance vs fraud in Philippines

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The Securities and Exchange Commission (SEC) has teamed up with its US counterpart and other international organizations to beef up its enforcement capabilities in protecting the investing public against investment frauds.

SEC chairperson Emilio Aquino said scammers are becoming more advanced and sophisticated in their techniques as new technologies arise.

'As such, the SEC must constantly improve its investigation and enforcement capabilities to ensure that we are always one step ahead in preventing scams,' Aquino said.

The SEC collaborated with the US SEC and the Asian Development Bank (ADB) in conducting last month an International Organization of Securities Commissions (IOSCO) workshop and an investigation and enforcement training workshop.

These activities were aimed at strengthening the capability of the SEC's enforcement personnel in conducting investigations on securities-related crimes such as insider trading, market manipulation, off-market fraud and crypto scams.

The agency said representatives from the US SEC and ADB shared their experiences and techniques in apprehending investment scammers and filing court cases against scammers.

The group also discussed the implications, responsibilities, and benefits of tapping into the global network of the IOSCO, especially, on information sharing.

'We are grateful for the US SEC, ADB, and IOSCO for sharing their experiences and learnings with us and other law enforcement agencies in the Philippines, which will surely guide us as we pursue more programs and activities toward the protection of the investing public,' Aquino added.

Established in 1983, IOSCO is recognized as the global standard setter for the securities sector as it allows for international securities regulators to cooperate on capital market development and stability.

Last Aug. 18, the SEC, US SEC and ADB conducted the IOSCO multilateral memorandum of understanding (MMoU) concerning consultation and cooperation and the exchange of information public workshop 2023.

According to the SEC, the MMoU is a multilateral instrument established in 2002 that provides for cross-border cooperation among its signatories, particularly on information exchange, for the purpose of regulatory enforcement regarding the securities market.