The Securities and Exchange Commission (SEC) of the Philippines has issued a warning against eToro stating the company is not authorized to sell or offer securities in the country.
The warning, which was issued in March and made public on April 4, informs the public that eToro, an online investment platform, is not authorized to offer securities to the Philippine public.
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According to the regulator, Filipinos can create user accounts on eToro's platform for the purpose of investing and trading unregistered investment products.
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However, the company is not registered as a corporation in the Philippines and does not possess the necessary licenses or authority under the Securities Regulation Code to sell securities, operate as a broker-dealer or manage a stock exchange in the country.