SEC seeks comments on revised rules for online lending platforms
MANILA, Philippines – The Securities and Exchange Commission (SEC) is reopening consultations on proposed online lending rules, signaling progress toward lifting its moratorium on new digital lender registrations.
In a notice issued on Tuesday, the SEC invited financing and lending companies, industry groups, and consumer advocates to comment on a revised circular establishing requirements for online lending platforms (OLPs).
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The regulator said it substantially revised the proposal after reviewing feedback from various stakeholders during an earlier round of public consultations.
The changes aimed to address industry concerns, improve regulatory clarity, reduce unnecessary compliance burdens and make the framework easier to implement.
Likewise, the major revisions update definitions and classifications of online lending platforms, as well as capital, licensing, business plan, operational, CIC compliance, consumer protection, and transition requirements.
The revised draft also contains other prudential measures designed to strengthen oversight of digital lending activities.
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According to the SEC, the updated proposal uses a more streamlined, disclosure-focused approach that remains proportional to the risks associated with online lending operations.
In addition, the regulator said the revised framework differs significantly from the earlier version that was first released for consultation.
The SEC said a second round of consultations is needed due to substantial revisions, giving stakeholders an opportunity to review and comment on the new regulatory framework.
Interested parties have until June 15 to submit written comments, recommendations and position papers through an online submission portal.
The SEC stated that the feedback would help balance consumer protection, operational feasibility, and the development of digital lending and financial technology. /pai INQ
