On 11 March 2026, the Securities and Exchange Commission (SEC) released for public comment its draft memorandum circular entitled “Guidelines Lifting the Moratorium on Online Lending Platforms and Prescribing Prudential, Disclosure, and Market Conduct Requirements for Financing and Lending Companies” (Draft Circular).
The Draft Circular proposes to lift the moratorium imposed under SEC Memorandum Circular No. 10, Series of 2021 on the registration of new online lending platforms (OLPs), while introducing a more comprehensive and stringent regulatory framework governing digital lending.
Read the full bulletin here or download via this link.
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, with the assistance of Senior Associate Leo Francis F. Abot.