The Securities and Exchange Commission (SEC) is beefing up its enforcement capabilities by collaborating with global organizations to fortify its capacity to protect the public from securities fraud and other forms of investment scams.
“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 chairman Emilio B. Aquino said.
The SEC, in partnership with the Unites States SEC and the Asian Development Bank (ADB), hosted the International Organization of Securities Commissions’ investigation and enforcement training workshop at SEC headquarters in Makati.
The workshop was meant to strengthen the capability of the Philippine SEC’s enforcement personnel in investigating securities-related crimes such as insider trading, market manipulation, off-market fraud, and crypto scams.
The SEC also facilitated the IOSCO multilateral memorandum of understanding on consultation and cooperation as well as the Exchange of Information Public Workshop 2023 in August.
“We are grateful for the U.S. SEC, ADB, and IOSCO for sharing their experience 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.
The investigation and enforcement training workshop is a joint effort hosted by SEC Philippines with the assistance of, and in partnership with, the U.S. SEC and the ADB.
Paul Gumagay, associate director for operations and technical assistance in the U.S. SEC Office of International Affairs; Tom Swiers, branch chief in the OIA; and Glenn Gordon, associate regional director of the U.S. SEC Miami Regional Office, all shared their experience and techniques in apprehending investment scammers and filing court cases against them.
Established in 1983, the 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. In August, SEC Philippines, the U.S. SEC and ADB held the IOSCO MMoU Concerning Consultation and Cooperation and the Exchange of Information Public Workshop 2023.
The MMoU was established in 2002 as venue for cross- border cooperation among its signatories in exchanging information as to securities markets regulation and enforcement.
