Antonio Lopa’s Equitiworld Securities is suspended by the PSE monitoring unit for regulatory violations

By Eileen Mencias

Equitiworld Securities Inc., led by Antonio A. Lopa, has been suspended by the Capital Markets Integrity Corp. (CMIC), the regulator of stock brokers.

CMIC President Gerard Sanvictores said the suspension, which took effect on July 1, was due to several violations uncovered during a recent audit.

“Due to continued failure to comply with the CMIC’s instruction to submit a report on specific corrective actions, EQWORLD is involuntarily suspended,” said Sanvictores.

In a letter to customers, Lopa acknowledged Equitiworld’s operational deficiencies and assured that efforts were being made to correct the errors.

He expressed his confidence in the willingness of the sales staff and brokers to promptly address customers’ concerns and asked for their patience and understanding during this time.

Lopa also assured its clients that their stock positions and funds would remain fully protected.

Sanvictores pointed out that the lifting of the suspension is subject to the submission by Equitiworld of a comprehensive report detailing the corrective measures implemented or planned.

During the suspension, Equitiworld’s access to the trading system of the Philippine Stock Exchange, the online depository of the Philippine Depository and Trust Corp. and the clearing facilities of the Securities Clearing Corp. of the Philippines will be restricted.

Transferring securities from Equitiworld to other brokers requires CMIC approval, with restrictions on associated trading and proprietary trading applying.