MANILA – The Securities and Exchange Commission (SEC) on Thursday said it has penalized six brokerage firms for failing to comply with its new rules and requirements.

SEC said the erring brokers will face fines ranging from P30,000 to P60,000 for failing to submit new requirements such as risk management and internal control procedures, business continuity and disaster recovery plan, comprehensive information technology plan, updated written supervision and control procedures, and copies of proposed contract of outsourced activities or services.

The brokers include Equitiworld Securities, Inc., First Orient Securities, Inc., IGC Securities Inc., Regina Capital Resources Management and Securities Corp., SJ Roxas & Co. Inc., and The First Resources Management and Securities Corp.

SEC said the brokers were also issued a stern warning that heavier sanctions would be imposed if they continue to violate regulatory requirements.

The new requirements imposed by the regulator aims to improve market structures, enhance investor protection, and strengthen the anti-money laundering framework.