SEC, NTC move to block OctaFX websites
The Securities and Exchange Commission (SEC) has secured the endorsement of the National Telecommunications Commission (NTC) for the blocking of the websites and apps of OctaFX.
The NTC has ordered all internet service providers to immediately block the website of OctaFX to protect the investing public, in response to a request from the SEC.
The SEC sought the blocking of the website of OctaFX “in order to prevent the further proliferation of its illegal activities in the country, and to protect the investing public from its detrimental effects on our economy.”
“The public’s continued access to these websites/ apps poses a threat to the security of the funds of investing Filipinos,” the SEC also said.
The entity has been offering investors in the Philippines the opportunity to trade over 300 financial instruments from a wide range of asset classes such as foreign currency pairs, foreign shares, index funds and commodity derivatives on its website.
The SEC, however, said this is in violation of the Securities Regulation Code and Revised Corporation Code of the Philippines.
The commission said the sale or offer of unregistered securities to Filipinos constitutes a violation of Sections 8 and 12 (sale of unregistered securities) and Section 28 (operating as an unregistered broker) of the Securities Regulation Code.
An advisory has already been issued by the SEC against OctaFX, also known as Octa Trading, in September last year.
The SEC said the operators of OctaFX appeared to be registered brokers and dealers overseas. Further, it said the securities and investments being offered by the entity appeared to be registered in various countries.
“In the Philippines, however, the Securities Regulation Code requires the prior registration with the SEC of any securities for public offering within the Philippines. This involves the filing of an application for registration and providing detailed information about the securities, including the issue price, use of proceeds of the sale and nature of the securities,” the commission said.