SEC delivers knock–out blow to XM

MANILA, Philippines — A financial services company which tapped Filipino boxing icon and former senator Manny Pacquiao as endorser has been ordered to cease and desist by the Securities and Exchange Commission for its unauthorized sale of unregistered securities.

The SEC has issued a cease and desist order against Trading Point Holdings Ltd., operating under the name and style of XM, XM Global Ltd. and XM Philippines.

The company, its officers, operators, representatives, agents, enablers and influencers were mandated to immediately cease and desist from further engaging in unlawful offer of securities and any other similar acts until  the requisite registration statements are duly filed with and approved by the SEC, as well as the corresponding permit to offer or sell securities are issued.

Trading Point is a financial services firm offering and providing brokerage services and products.

According to the SEC, it runs two brands, namely, Trading.com, which operates in Europe, United States, United Kingdom and Australia, and XM, which operates several entities in other regions.

The commission said the Trading.com domain, while not accessible in the Philippines, directs all its users to the XM.com domain, with the same being true with the other entities operating under the XM brand.