Abstract:The Securities and Exchange Commission (SEC) of the Philippines has issued a stern warning against promoting eToro within the nation due to the broker's lack of authorization, potentially resulting in severe penalties, while eToro denies active promotion amidst regulatory scrutiny.
The Securities and Exchange Commission (SEC) of the Philippines has issued a stern warning, indicating that any individuals engaged in promoting eToro within the nation may face severe penalties. This includes a hefty monetary fine of 5 million pesos, equivalent to approximately US$88,500, or a maximum imprisonment term of 21 years, or possibly both. This cautionary stance from the local regulator stems from eToro's lack of authorization to vend or solicit securities to the public in the Philippines.
This advisory against the broker was initially disseminated by the SEC on March 14 but has been made public only recently, specifically on Thursday.
As per the regulatory guidelines in the Southeast Asian nation, platforms offering investment products and securities must adhere to stringent protocols. This entails ensuring that the securities being offered are duly registered within the country, issued by a locally registered corporation or dealer, and that the issuer possesses a secondary license to engage in the sale or solicitation of securities to the public.
The advisory issued by the local regulator underlines that eToro, as per the Commission's database, lacks registration as a corporation in the Philippines and operates sans the requisite license or authority to market any form of securities.
Consequently, the public is being urged to exercise prudence and diligence before engaging in investments through such unregistered online platforms and their representatives.
eToro, headquartered in Israel, maintains regulatory oversight and registration across various jurisdictions including the United Kingdom, Cyprus, the Netherlands, France, Spain, Italy, Malta, the UAE, Australia, Seychelles, the United States, and Gibraltar. Its offerings encompass a diverse range of assets from equities to cryptocurrencies, and contract for differences, among others. Despite eToro's global presence and regulatory compliance in various jurisdictions, the Filipino regulator has pointed out its absence of licensure within the country, coupled with its active marketing endeavours targeting Filipino investors and facilitation of account openings.
Contrary to these assertions, eToro has refuted claims of actively promoting its services in the Philippines, emphasizing its stringent adherence to regulatory standards across multiple jurisdictions. Meanwhile, eToro is reportedly contemplating an initial public offering (IPO) in the United States following an unsuccessful attempt at a reverse merger with a bank-check company. While specifics regarding the proposed public listing remain undisclosed, CEO Yoni Assia has expressed aspirations for a valuation surpassing $3.5 billion.
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