SEC partners with US counterpart, ADB to combat financial crimes
MANILA -The Securities and Exchange Commission (SEC) wants stronger capabilities to combat financial crimes such as market manipulation, insider trading and even cryptocurrency-related scams.
The corporate regulator recently held a workshop with the US SEC and Asian Development Bank in its Makati City headquarters to beef up its enforcement training and capabilities.
“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,” SEC Chair Emilio B. Aquino said in a statement on Friday.
The International Organization of Securities Commissions (IOSCO) Workshop and Investigation and Enforcement Training Workshop was held from Aug. 14-17 this year.
“We are grateful for the U.S. 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 said.
IOSCO, established in 1983, 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.
On Aug 18, the Philippine SEC, US SEC, and ADB held the IOSCO MMoU Concerning Consultation and Cooperation and the Exchange of Information Public Workshop 2023.
“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,” the SEC said.
The meeting was led by Gumagay and Swiers, and ADB Principal Financial Sector Specialist Ahmad Faris Rabidin. During the meeting, they also discussed the implications, responsibilities, and benefits of tapping into the global network of the IOSCO, especially, on information sharing.