Regulator withdraws license from Fast Coin Lending

The Securities and Alternate Fee (SEC) has named Quick Coin Lending Corp. stripped of its Certificates of Authority (CA) to function as a lending firm within the face of ongoing breaches of rules.

In an order dated Jan. 10, 2023, the SEC’s Company Governance and Finance Division (CGFD) notified that Quick Coin Lending had dedicated a number of violations of SEC Memorandum Round 19, which addresses disclosure necessities for commercials of financing and lending firms and on-line reporting sources lending platforms.

The corporate was additionally discovered to have violated the implementing guidelines and rules of Republic Act 9474, also called the Lending Firm Regulation Act of 2007.

“Quick Coin Lending had operated a number of on-line lending platforms (OLPs), specifically Cashcow Cell Software, Cashguard and Coco Peso, regardless of failing to file required disclosures and never registering these firms with the SEC,” the CGFD stated.

SEC MC 19 requires lending and financing firms to report their OLPs to the Fee previous to their inception and operation. It provides that lending firms should additionally disclose particular info resembling their firm names, SEC registration numbers, and CAs of their advertisements and OLPs.

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Accordingly, the CGFD determined to revoke Quick Coin Lending’s firm registration based mostly on their violations.

“The Firm’s continued failure to adjust to the provisions of SEC MC 19, and contemplating the Firm’s willful disregard for the steerage of the CGFD referring to the SEC MC 19 violations, the CGFD believes it acceptable beneath the circumstances to concern the Certificates of Authority from Quick Coin Lending,” the order reads.

“Given the quantity, nature, severity, and length of Quick Coin Lending’s violations warranting the revocation of its CA, this division believes that revocation of its major license or incorporation can be acceptable,” the CGFD added.