v. Relevant information on the persons and/or companies responsible for the correct liquidation of the Bank, including information on the person(s) and/or entities responsible for handling customer complaints. e. Non-bank financial institutions with banking-type functions c. Banks, trustees of qualified banks and other companies with additional derivatives authority Circular No. 644 of 10 February 2009 – Simplified FRP for rural and cooperative banks Scope These guidelines cover all investments of a BSFI in commercial and banking portfolios, with the exception of the following: Circular No. 512 of 3 February 2006 – Publication of the new Financial Information Package (FRP) for banks in accordance with the application of the procedures for the application of the Philippine Financial Reporting Standards (PFRS) and the Philippine Accounting Standards (SAP). A bank intending to cease banking activities shall submit to the competent supervisory authority of the GNP a letter of application signed by its president or an agent, accompanied by the following documents: foreign banks and branches or subsidiaries of foreign banks, regardless of the impaired capital; and a certified copy of the resolution on the required number of directors and shareholders of the Bank or members of a cooperative bank, as provided for by applicable law; I. Orderly settlement of all claims of depositors and other creditors, including those that existed at the time of issuance of the banking licence and that were discovered after the issuance of the banking licence, as well as the manner in which their depositors/creditors were informed; Notwithstanding the execution of a basic deposit, disbursement or replacement transaction, Bangko Sentral will not be prevented from imposing sanctions on the trustee or fiduciary/investment manager for non-compliance with the rules on the basic deposit, if justified.
The present circular amends the reporting format on bank interest rates on loans and deposits as follows: The minimum reserves for deposit substitutes demonstrated by repurchase agreements, interbank call loans, bonds, mortgage certificates and basic deposit accounts remain the same as those set out in article 251 of the new MORB. Section 3. The rules governing transactions under the National Retail Payment System (NSS) are hereby revised and all references to the previous title of Part VII of MORB/MORNBFI Q are hereby amended to Electronic Payment and Financial Services. The fiduciary and investment management activities of trust companies are subject to the applicable rules of Parts Five (Foreign Exchange Transactions), Six (Treasury and Money Market Operations), Seven (Electronic Transactions and Other Services) and Eight (Anti-Money Laundering Operations) of the NBFISO, unless otherwise specified in this manual. Circular No. 666 of 4. September 2009 – Changes to the FRPTI reporting templates for the disclosure of foreign currency investment management accounts of the trust services of banks with the authority to operate fcdu/EFCDU Stockless Savings and Credit Associations (NSSLA) will adopt the RSTP in the recording of transactions and in the preparation of financial statements and reports to the BSP. However, in cases where there are differences between the Bangko Sentral and PFRS rules, such as where more than one (1) option is permitted or certain maximum or minimum RSTP limits are prescribed, the option or limit prescribed by the GNP should prevail. Certified copy of the decision of the Board of Directors authorizing the Governor or authorized representative of the Bank to execute: (1) notarized affidavit stating that the Bank is solvent and has sufficient liquidity to repay in full all its depositors and creditors; and (2) the notarized affidavit and/or obligation that the Bank has made available or made available immediately accessible funds equivalent to its deposit obligations for the purpose of timely payment/settlement of that obligation to its depositors; and please follow the following link for revised report templates that cover changes to the bank loan report and deposit rate templates: iii. A copy of the agreement with the bank that IFC can resolve, as well as erroneous/delayed/erroneous and late/unsubmitted reports, are subject to penalties in accordance with the rules applicable to Category B reports. In addition to the minimum qualifications for a senior executive set out in paragraph 4142Q of the Manual on the Regulation of Non-Bank Financial Institutions (MORNBFI), non-Filipino citizens may become members of the board of directors of an IFC.
Compliance with the regulations in force. An IFO that has been granted extended ETHS authority must at all times comply with the following relevant rules in accordance with MORB/MORBNFI SS X701.4/4701Q.4: A bank/QB`s market risk management process must be consistent with its overall risk management framework and proportionate to the risk assumed. The market risk management process should include the following: all other instruments held by a IFSO are classified as bank portfolio positions. Criteria for accepting the voluntary renunciation of a banking license. A bank wishing to voluntarily renounce its banking license must obtain prior authorization from the GNP if the following conditions/criteria are met: The simplified reporting framework, including the revised frequency of reporting bank interest rates, is as follows: In the event that IFSOs choose to use social media to process financial transactions, The Bangko Sentral rules and regulations applicable to electronic banking/electronic services and technological risk management should also be complied with in order to ensure the security, reliability and authenticity of such transactions. Circular No. 594 of 8. January 2008 – Regulation on the derivatives activities of banks Sanctions. The voluntary surrender of the banking license to Bangko Sentral does not exempt the directors, officers and employees of the Bank from administrative or criminal sanctions resulting from the finding that a violation of the law, the banking rule or regulations has been committed. Non-bank financial institutions with a quasi-banking function (NBQB) hold minimum reserves amounting to 17% of deposit replacement liabilities, which amounted to 16.5% as at June 28, 2019 and 16% as of July 26, 2019. c.
Fiduciary service of qualified banks and other fiduciary institutions; Oversight framework. The Bangko Sentral takes a risk-based approach to assess the level and trend of a bank`s IRRBB/QB as well as the adequacy and effectiveness of its irrbb management process. BSP takes into account the following: For your reference of the old regulations, please follow the following links: Circular No. 992 of 01 February 2018 – Framework for the Basic Account of Deposit Accounts. Members` capital contributions are subject to the following conditions: See Circular No. 1032 Amendments to the Basic Filing Requirements Guidelines for Other Procedural Requirements and Reporting Templates covering Basic Surety Reporting and Quarterly Compliance. Paragraph 4960Q.5 of morNBFI: “Any failure to comply with security requirements is subject to Articles 36 and 37 of R.A. No. 7653 (New Central Bank Act), without prejudice to the imposition of other sanctions that the Monetary Council deems justified in circumstances, which may include the suspension or revocation of the Company`s power to administer the PERA, and any other sanctions provided for by law. Amended to read:.
Circular No. 736 of 20 July 2011 – Rules and Regulations on Compulsory Loans for Agriculture and Agricultural Reform Loans. In the previous decision, the selection of external auditors and/or audit firms is valid for a period of three (3) years, subject to early termination, which depends on the annual evaluation of the auditors` performance. No specific period has been mentioned at the moment, but a regular evaluation of the performance of the external auditor is carried out by the Bangko Sentral through an assessment of the quality of the audited BSFI financial statements and their compliance with the requirements. The outcome of the evaluation also serves as a basis for the subsequent inclusion of external auditors in the list of external auditors selected for IFBS. Section 164/4189Q/4189T/4189S/4180N on the selection, appointment, reporting requirements and deletion of external auditors is deleted and replaced by the sections discussed in this circular. Circular No. 976 of 10 October 2017 – Amendments to the Expanded Real Estate Exposure Report (ERAE) and submission of the Project Finance Exposure Report (EPRFE).