Response to SEC Philippines Advisory

Centric Foundation has posted this page to address the damaging statements made by the SEC in the Philippines pertaining to Centric Foundation.

Q: What claims did the SEC Philippines make about Centric?

A: On June 9, 2020, the Enforcement and Investor Protection Department of the Security and Exchange Commission in the Philippines issued a “SEC Advisory” about Centric.

The warning made several false claims about Centric, including that:

Centric is “engaged in investment taking activities in the Philippines,” and

Centric Cash and Centric Rise are “‘Derivatives’ which are securities as defined under Section 3.1 of the Securities Regulation Code (SRC).”

The SEC Philippines even went so far as to suggest that Centric could be considered a Ponzi Scheme.

Q: What does Centric Foundation think about these claims?

A: Centric Foundation strenuously rejects all of these claims.

Q: Where can I view the SEC Philippines Advisory?

A: You can find the full SEC Philippines Advisory here.

Q: How is Centric Foundation responding to these harmful claims?

A: On June 12th, Centric Foundation hired Nicolas and De Vega Law Offices, a law firm based in the Philippines, to assist with addressing these allegations in light of Filipino law.

Q: What does Nicolas and De Vega Law Offices think about the claims in the SEC Philippines Warning?

A: Nicolas and De Vega Law Offices agree that the SEC Philippines claims do not hold water. They have prepared two legal opinion letters addressing the fundamental inaccuracies in the SEC Philippines statements.

Q: Where can I read the legal opinions prepared by Nicolas and De Vega Law Offices?

A: You can read the legal opinion addressing claims related to investment activities in the Philippines here and the legal opinion addressing claims related to the classification of Centric’s tokens as securities here.

Q: What else is being done about these damaging allegations?

A: Nicolas and De Vega Law Offices will file an “Entry of Appearance” to go before the Philippines SEC’s Commission En Banc, and request that the SEC Warning be removed.

Nicolas and De Vega Law Offices will also file a Motion (for the matter to be heard on evidence, and also for the SEC Philippines to present proof of their contention – that Centric is “engaged in investment-taking activities in the Philippines.”).

Q: What can I do to defend Centric against these damaging allegations?

A: First, we encourage you to read the legal opinion prepared by Nicolas and De Vega Law Offices (see link above). 

Second, if you come across anyone troubled by the SEC Philippines advisory, please refer them to this web page, and encourage them to read it as well as the linked legal opinion from Nicolas and De Vega Law Offices, so they may have a fuller context with which to evaluate the claims of the SEC Philippines.