SEC still keen on having 888 companies enter capital market
THE Securities and Exchange Commission (SEC) said it is on track to meet its goal of having 888 companies tap the capital market for core fundraising by 2024.
“To be honest, we need to reassess [the target], but it is still a goal we want to hit,” SEC Commissioner Kelvin Lester K. Lee said on the sidelines of the regulator’s 86thanniversary and recognition ceremony on Nov. 29.
The capital market entries include all publicly accessible fundraising such as crowdfunding and normal trading exchange, according to Mr. Lee.
The commissioner said the SEC is on track to achieve the target, but no figures were provided.
“Actually, if you count the crowdfunding numbers, malaki na po ‘yon (it’s already big),” Mr. Lee added.
He also said that companies can look forward to the release of environmental, social, and governance-related standards.
A SEC team is working on the draft of the Sustainable Responsible Investment fund and the ASEAN Sustainability Bond Standards, he added.
“I’m just waiting for the final draft to be given to me by my team and [we will pass it for approval] to the en banc,” Mr. Lee noted.
Meanwhile, in an issuance, the regulator ordered Beastnessallday Corp. to stop its operations, as it has been soliciting investments without securing the necessary license.
On Feb. 3, the regulator issued an advisory which warned the public not to invest in the entity, and it was followed by a show cause order issued on Feb. 21.
According to the issuance, the company has been enticing the public to invest as low as $1,200 or P50,000 with a promise of return of investment within a period of five months.
The guaranteed return or passive income offered by the entity ranged from 10% to 12% per month or a total of 50% to 60% for the entire five-month period.
“The members or investors need not do anything to receive these guaranteed returns; all they have to do is part with their initial investments and wait for the five-month period to end,” the SEC said.
“Its act of offering securities to the public thus constitutes a clear violation of Section 8 of the Securities and Regulation Code,” the regulator said.
The order will prohibit the corporation, its President Angelo Diez Parian, as well as its representatives to transact in any business involving funds in its depository bank or any non-bank financial institution.
SEC said that Beastnessallday may file a verified motion to lift the cease-and-desist order within five days from the receipt of the order. — Justine Irish D. Tabile