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Manila Bulletin devider Business devider The Stock Market devider SEC issues cease-and-desist order against brokerage firm XM

SEC issues cease-and-desist order against brokerage firm XM

Published Dec 12, 2025 12:20 pm
The Securities and Exchange Commission (SEC) has ordered Trading Point Holdings Ltd., which operates under the name XM, XM Global Ltd., and XM Philippines, to cease its unauthorized solicitation of investments from the public immediately.
In a cease-and-desist order (CDO), the SEC directed the XM Group to stop engaging in the unlawful offering and/or selling of securities without the necessary license from the Commission.
The order also requires the company—including its officers, promoters, representatives, agents, influencers, subsidiaries, and any persons acting on their behalf—to halt their internet presence related to the transactions and investment scheme covered by the CDO.
Among the group’s public endorsers are Filipino boxing icon and former senator Emmanuel D. Pacquiao Sr., and forex coach and trader Jonathan Lou Reyes.
The SEC further prohibited the group from transacting any business involving funds in its depositary banks and from transferring, disposing, or conveying its assets, real or personal properties, including bank deposits. This measure is intended to prevent grave damage to all concerned and ensure the preservation of assets for the benefit of potential investors.
The order stems from an investigation by the SEC’s Enforcement and Investor Protection Department, which found the XM Group to be offering or selling derivatives, foreign exchange shares, and cryptocurrencies, among other products.
XM operates under its parent company, Trading Point, an international financial services firm that publicly offers and provides brokerage services through its website, xm.com, and the XM App. Locally, it promotes and facilitates the offering and sale of these products using its XM Philippines Facebook and YouTube accounts.
Under the scheme, XM requires investors to create an account and deposit a minimum amount based on their chosen plan.
Investors can then begin purchasing and trading securities through XM's platforms, which emphasize potential returns to entice users. XM also offers bonuses and cash rewards through its Friend Referral Program to ensure a continuous flow of investments and investors.
The SEC noted that the XM Group is not registered as a corporation or partnership with the Commission and, therefore, cannot secure a secondary license to offer securities to the public.
Section 8.1 of the Securities Regulation Code (SRC) mandates that all securities must be registered with the Commission before they can be offered or sold in the country.
Section 28 of the SRC prohibits any person from engaging in the business of buying and selling securities in the Philippines without being duly registered as a broker or dealer with the SEC.
“The fact that XM has tapped and made available the local banks and e-wallets as its payment partners clearly shows that investors in the Philippines are primarily its target market,” the order read.
It concluded that since XM was shown to be offering and selling unregistered securities in violation of the SRC, the CDO is "warranted for the protection of the investing public, as it operates as a fraud on investors.”
The SEC had previously issued an advisory in March 2024 to warn the public against investing in unregistered online investment platforms such as XM.

Related Tags

Securities and Exchange Commission Trading Point Holdings Limited XM XM Global Limited XM Philippines
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