[Ch4608s66]66. Operation of this Part with other laws
This Part applies in addition to other laws.
If a provision of this Part, or of regulations made in terms of this Part, is
inconsistent with a provision of another law, the provision of this Part
prevails to the extent of the inconsistency.
[Ch4608s67]67. Prohibition of false and misleading
person shall not engage in conduct that is misleading or deceptive or is likely
to mislead or deceive in relation to financial services, including financial
services provided by another person.
Without limiting subsection (1), a person shall not-
(a) falsely represent that a financial service
is of a particular standard, quality, value or grade;
(b) falsely represent that a particular person
has agreed to acquire a specified financial service;
(c) represent that financial services have
sponsorship, approval, performance characteristics, uses or benefits they do
(d) represent that the person has, in relation
to financial services, a sponsorship, approval or affiliation it does not have;
(e) make a false or misleading representation
with respect to the price of financial services;
(f) make a false or misleading representation
concerning the need for specified financial services; or
(g) make a false or misleading representation
concerning the existence, exclusion or effect of a condition, warranty,
guarantee, right or remedy in relation to financial services.
person who contravenes subsection (1) shall be liable to a civil penalty not
exceeding P20,000 to be imposed by the Regulatory Authority.
[Ch4608s68]68. Unfair practices
The Regulatory Authority may, by notice in the Gazette, determine that a
specified practice in relation to financial services is an unfair practice.
Before making a determination in terms of subsection (1), the Regulatory
Authority shall consult any advisory committee established under a relevant
financial services law, unless the Regulatory Authority is satisfied that it is
necessary to make the determination urgently to protect the interests of
clients and potential clients of the non-bank financial institutions concerned.
determination in terms of subsection (1) may relate to specified financial
services or to financial services of a specified kind.
non-bank financial institution that engages in an unfair practice in relation
to a financial service shall be liable to a civil penalty not exceeding P20,000
to be imposed by the Regulatory Authority.
[Ch4608s69]69. Disclosure of information
The Minister may by regulations impose requirements with respect to-
(a) the disclosure of information to clients or
other persons about financial services; and
(b) reports to be made to the Regulatory
Authority about financial institutions or financial services.
person who contravenes regulations made for the purposes of subsection (1)
commits an offence and on conviction is liable to a fine not exceeding P50,000
or to imprisonment for a period not exceeding five years, or to both.