Lending firm’s license revoked
The company did not comply with SEC Memorandum Circular 19, Series of 2019. It also failed to operate within four months from the granting of its Certificate of Authority
Fast Coin Lending Corp. is no longer allowed to operate as a lending company after the Securities and Exchange Commission revoked its Certificate of Authority due to non-compliance with regulatory rules.
The SEC said Wednesday that the company did not comply with SEC Memorandum Circular 19, Series of 2019. It also failed to operate within four months from the grant of its CA.
The company was issued a CA on 12 February 2020, which gave it until 11 June 2020 to commence operations. Failure to operate within the time frame warrants the suspension of the issued CA, based on the Lending Company Regulation Act of 2007.
Meanwhile, SEC MC 19 provides the Disclosure Requirements on Advertisements of Financing Companies and Lending Companies and Reporting of Online Lending Platforms or OLPs.
Cashcow Mobile Application
Fast Coin Lending had been operating Cashcow Mobile Application despite failing to submit the required disclosures to the SEC, while also operating two more OLPs, namely Cashguard and Coco Peso, without registering the entities with the Commission.
Lending and financing companies are required to report their OLPs to the Commission before their launch and operation. Lending companies must also disclose in their advertisements and OLPs specific information, such as their corporate names, SEC Registration Numbers, and CAs.
To date, the SEC has also revoked the primary registration of a total of 2,084 lending companies for their failure to secure the requisite secondary license — a CA to Operate as a Lending or Financing Company — according to the LCRA, and for other violations.
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