菲律宾SEC警示Interactive Brokers：未经许可招揽投资属违法
作者：东南亚合规中心编辑团队
TL;DR · 核心要点
菲律宾证券交易委员会（SEC-PH）发布正式警示，指出美国券商Interactive Brokers（IBKR）在未获菲律宾牌照情况下，向菲居民提供证券账户开户及交易服务，构成非法招揽投资行为。关键合规信息包括：1）任何向菲律宾公众营销、推广或接受本地投资者资金的境外证券机构，必须事先获得SEC-PH注册及执照；2）仅持有美国FINRA或SEC牌照不豁免菲律宾本地合规义务；3）SEC-PH明确将“通过网站、APP、社交媒体定向推送”视为属地化招揽行为；4）已发现违规者将面临最高6年监禁及500万比索罚款。该警示对在菲开展数字金融服务的中资券商、跨境财富管理平台及Web3项目构成直接合规压力，须立即暂停面向菲律宾用户的营销活动，并启动SEC-PH牌照申请或与持牌本地合作伙伴建立合规通道。
✅ 合规行动清单 · Compliance Checklist
- ›立即停止所有面向菲律宾居民的中文/英文网页、APP、社交媒体广告及推荐链接投放
- ›30日内向SEC-PH提交Broker-Dealer牌照预审咨询函（参考MC No. 17, s. 2022）
- ›如已服务菲律宾客户，须在15日内完成客户身份与资金来源合规复核并留存记录备查
- ›Immediately halt all digital marketing, referral programs, and app distribution targeting Philippine residents
- ›Submit a pre-application inquiry for Securities Broker-Dealer License to SEC-PH within 30 days per MC No. 17, s. 2022
- ›Conduct KYC and source-of-funds review for all existing PH clients and retain records for 5 years
English Summary
The Securities and Exchange Commission of the Philippines (SEC-PH) issued an advisory warning Interactive Brokers (IBKR) for unauthorized solicitation of investments from Philippine residents without a local license. Foreign brokers, including U.S.-based or Singapore-licensed firms, must obtain SEC-PH registration and a Securities Broker-Dealer License before marketing, accepting funds from, or facilitating trading for Filipino clients. Digital activities—including websites, mobile apps, social media ads, or referral links targeting PH users—constitute solicitation under SEC Memorandum Circular No. 17, s. 2022. Non-compliance may result in criminal prosecution (up to 6 years imprisonment), fines up to PHP 5 million, and asset freezing. Affected entities include global fintech platforms, crypto-native brokerages, and cross-border wealth tech providers with PH user traffic. There is no grace period: enforcement is immediate. Firms must cease PH-targeted promotions and initiate licensing or appoint a licensed local representative within 30 days.
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