Securities and Exchange Commission

Based on the Commission’s database, the operator of the platform ETORO is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY to sell or offer any form of securities as defined under Section 3.1 of the Securities Regulation Code (SRC), to engage in the business of buying or selling securities or as a broker or dealer as provided under Section 28 of the SRC, or to create or operate an exchange for the buying and selling of securities as provided under Section 32 of the SRC. In view thereof, the public is hereby advised to exercise caution before investing in these kinds of unregistered online investment platforms and their representatives. In dealing with these unregistered platforms, the Commission reiterates its Advisory entitled: “Advisory against Dealing with Non-Registered Foreign Entities, Organizations, and Corporations.” In addition, those who act as salesmen, brokers, dealers or agents, representatives, promoters, recruiters, influencers, endorsers, and enablers of the ETORO platform in selling or convincing people to invest in this platform within the Philippines even through online means may be held criminally liable under Section 28 of the SRC and be penalized with a maximum fine of Five Million Pesos (P 5,000,000.00) or imprisonment of Twenty One (21) years or both pursuant to Section 73 of the SRC (SEC vs. Oudine Santos G.R. No. 195542, 19 March 2014).