The Latest: SEC Revises Recent Draft Circular on Online Lending Platforms; Issues a New Version
Following the release of its initial draft memorandum circular on online lending platform operation in March 2026, the Securities and Exchange Commission (SEC) issued a revised draft of the circular on 9 June 2026 entitled “Guidelines Prescribing Prudential, Disclosure, and Market Conduct Requirements for Financing and Lending Companies and Lifting the Moratorium on Online Lending Platforms.”
The revised draft retains the SEC’s policy objective of lifting the moratorium on new online lending platforms (OLPs) and strengthening the regulation of digital lending, but introduces several significant changes to the earlier draft circular. These revisions reflect comments received during the public consultation process and clarify a number of the regulatory requirements that financing companies (FCs)
and lending companies (LCs) will need to comply with once the Circular is finalized.
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This bulletin was prepared by Camille Angela M. Espeleta-Castillo, Partner and a member of the Firm’s Special Projects and Banking, Finance and Securities departments.
For more information about the matters discussed in this bulletin, please contact Camille Angela M. Espeleta-Castillo at camespeleta@syciplaw.com.
For more information about SyCipLaw’s practice, please contact:
Rose Marie M. King-Dominguez
Senior Partner and Head of the Special Projects Department
rmmking@syciplaw.com
Philbert E. Varona
Senior Partner and Head of the Banking, Finance and Securities Department
pevarona@syciplaw.com
