CMIC is the independent watchdog that oversees broker compliance and investor protection under the Philippine Stock Exchange (PSE).
The suspension means G_LINK cannot access the trading platform, depository system, or clearing facilities while under review.
“The involuntary suspension may only be lifted once CMIC determines that G_LINK is compliant with all the pertinent capitalization requirements,” the CMIC said in a regulatory filing.
Currently, brokers registered with the PSE are required to have a minimum capital of P30 million. However, the PSE had stated plans to raise this to P100 million.
An insider familiar with operations at G_LINK said there were discussions to inject more equity to beef up its capital, although the current progress of these efforts remains unclear.
Clients can transfer funds with prior approval
Clients may still transfer their investments to another broker, but only if done through sell transactions and with CMIC approval.
Proprietary trading and related-party deals by G_LINK are not allowed during this time.
The firm has been ordered to immediately notify affected clients and ensure their interests are not harmed.
Who is Globallinks?
Globalinks Securities has been operating for about 34 years, with its business name registered back in 1991.
Its nominee is David Wuson, who is also one of the owners of the stockbrokerage house.
—Edited by Miguel R. Camus
