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Volume 1,
Series 1
Enforcement of Republic Act 9510 Over Financing Companies

SEC Memorandum Circular No. 3-2016

The Securities and Exchange Commission (SEC) released its Memorandum Circular No. 3 entitled as “Enforcement of Republic Act 9510 Over Financing Companies” last April 1, 2016. Republic Act No. 9510 (R.A. 9510) known as Credit Information Systems Act (CISA) which has been effective since October 31, 2008. Under this act, it now requires financing or lending companies to submit their Basic Credit Data which is consists of the following: a) the 5-year historical data from 2010-2015 and b) the current data (the seminars and events attended are to be included here) until August 31, 2016 as stated under Circular 2015-02 of the Credit Information Corporation (CIC), or known as “Deadline for Production Submission of Credit Data and Technical Requirements”. These data will be passed on to the CIC, who will then consolidate and take care of it. If the company fails to submit these reports, they would be subjected to appropriate sanctions. Lastly, the CIC will schedule seminars for those who have further questions about this Act.

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