THE Securities and Exchange Commission (SEC) is reviewing public feedback on proposed rules limiting the term of broker-directors and studying the comments on lifting the ban on online lending, Chairperson Francis Lim said.
Lim told reporters that the Philippine Association of Securities Brokers and Dealers Inc. (Pasbdi) had submitted its opposition to the proposed term limits but added that several business groups supported the measure.
“I haven’t seen the comments yet, but I understand that Pasbdi filed an opposition, although there are several business groups and people who are supportive of the term limits for broker-directors,” he said.
Lim said there was no fixed deadline for the release of the final rules as the SEC was carefully studying the feedback received.
“It depends on the complexity of the comments and their suggestions. We expose it for public comments because we’re not all-knowing. In the past, there have been good ideas adopted in the final rules,” he said.
Lim also discussed the SEC’s review of lifting the ban on online lending, noting that many of the comments focus on fees and capital requirements.
“We’re raising the capital requirement so that only the good ones will remain. Presently, the capital requirement is only P1 million. Because it’s small, some lenders are so aggressive, lending without proper due diligence. If they default, borrowers are shamed. Raising the capital will help filter out the risky lenders.”
Again, Lim said there was no target date yet for issuing the final memorandum circular on online lending.
“I don’t want a target date. I want the department to really study the comments. But we will do it as soon as possible,” he said, noting that the SEC had released more than 14 memorandum circulars between June and December 2025.
On mutual fund reforms, Lim explained the rationale for umbrella funds, which allows a single fund company to operate multiple sub-funds under one structure.
“The mutual fund industry is a key stakeholder in our capital markets. Umbrella funds make it easier for institutional and retail investors to participate,” he said.
Lim also commented on proposed amendments to the Philippine Stock Exchange (PSE) listing rules.
While the SEC has no active role in drafting them, the regulator would eventually approve any changes submitted by the exchange.
“PSE is socializing with us. When it comes to us, it’s easier,” he said.
