Transactions involving commercial papers of any maturities
CBP CIRCULAR NO. 1392 Series of 1993
The Monetary Board, in its Resolution No. 115 dated February 15, 1993, approved that CB Circular No. 1234 be amended to read as follows:
"Banks may enter into without recourse transactions involving commercial papers of any maturities provided that these commercial papers are registered with the Securities and Exchange Commission (SEC), However, unregistered commercial papers may be sold, discounted, assigned, negotiated by banks to other financial intermediaries with quasi-banking functions.
This Circular shall take effect immediately.
ANDRE NAVATO Officer-in-Charge
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