THE Securities and Exchange Commission revoked the business registration of Fast Coin Lending Corp. for not complying with regulator-imposed rules.
SEC MC 19 provides the rules on the disclosure requirements on advertisements of financing companies and lending companies and the reporting of online lending platforms .Fast Coin Lending operates Cashcow Mobile Application, for which the company failed to submit the required disclosures, said the regulator.
SEC MC 19 requires lending and financing companies to report their OLPs prior to launch and operation. The rules also require lending companies to register their OLPs as business names, and to report any OLP they plan to operate no later than 10 days before the launch.
Source: News Formal (newsformal.com)
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