The Securities and Exchange Commission has revoked the Certificate of Authority of Fast Coin Lending Corp. to operate as a lending company for its continuous non-compliance with SEC Memorandum Circular No. 19, Series of 2019 and its non-operation within 120 days from the grant of its CA.
Fast Coin Lending had been operating Cashcow Mobile Application despite failing to submit the required disclosures to the SEC, while also operating two more OLPs, namely Cashguard and Coco Peso, without registering the entities with the Commission, according to the CGFD. Further, the company failed to comply with Rule 3 of the LCRA IRR, which states that “a corporation/company that has been duly registered and granted a [CA] to operate as a Lending Company shall commence operations within one hundred twenty days from date of grant of such authority.”
Accordingly, the CGFD has decided to revoke the corporate registration of Fast Coin Lending Corp. due to its violations of SEC MC 19 and the LCRA.
Source: News Formal (newsformal.com)
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