Section 6Sec./Art. 6

Section 16 of the same Act is hereby amended to read as follows:

"Sec. 16. Reporting Requirements. All companies engaged in the business of issuing access devices, including banks, financing companies and other financial institutions issuing access devices, as well as all partner merchants, shall conduct initial investigation on any reported access device fraud and furnish real-time reports on the result thereof to the National Bureau of Investigation (NBI) and the Anti-Cybercrime Group of the Philippine National Police (PNP).

The report shall contain a narration about the fraud committed and an identification of the perpetrator, if feasible. The report shall further constitute the complaint necessary for the NBI or the Anti-Cybercrime Group of the PNP to pursue further investigation and prosecution of the fraud. Notwithstanding this requirement, banks, financing companies and other financial institutions, including their subsidiaries and affiliates, issuing access devices shall continue to be regulated and supervised by the Bangko Sentral ng Pilipinas while other companies issuing access devices shall continue to be regulated and supervised by the Securities and Exchange Commission."