Amendment to the second paragraph of Section X238 of the Manual of Regulations for Banks
CIRCULAR NO. 483 Series of 2005
Pursuant to Monetary Board Resolution No. 461 dated 7 April 2005, the second paragraph of Section X238 of the Manual of Regulations for Banks is hereby amended to read as follows:
“Unregistered commercial papers may be sold, discounted, assigned, or negotiated by banks to THE FOLLOWING:
other banks
quasi-banks
INVESTMENT HOUSES
INSURANCE COMPANIES
FINANCE COMPANIES
INVESTMENT COMPANIES
PENSION OR RETIREMENT PLAN MAINTAINED BY THE GOVERNMENT OF THE PHILIPPINES OR ANY POLITICAL SUBDIVISION THEREOF OR MANAGED BY A BANK OR OTHER PERSONS AUTHORIZED BY THE BANGKO SENTRAL TO ENGAGE IN TRUST FUNCTIONS
FUNDS MANAGED BY ANOTHER BANK OR OTHER ENTITIES DULY AUTHORIZED TO ENGAGE IN TRUST OR OTHER FIDUCIARY BUSINESS
SUCH OTHER PERSON AS THE COMMISSION MAY BY RULE DETERMINE AS QUALIFIED BUYERS, ON THE BASIS OF SUCH FACTORS AS FINANCIAL SOPHISTICATION, NET WORTH, KNOWLEDGE
This Circular shall take effect fifteen (15) days following its publication either in the Official Gazette or in a newspaper of general circulation
FOR THE MONETARY BOARD:
AMANDO M. TETANGCO, JR Officer-in-Charge
More in BSP Circulars
- Submission of Audited Financial Statements (AFS)(BSP Circular No. 540)
- To adopt the policy of treating offshore banking units (OBUs) in the Phil. as resident entities(BSP Circular No. 274)
- Participation in the Domestic Debt Exchange Offer of the Republic of the Philippines(BSP Circular No. 509)
- Amendments to Relevant Provisions of the Manual of Regulations for Banks on the Establishment/Relocation/Voluntary Closure/Sale of Branches(BSP Circular No. 932)
- Amendments to the rules on pawnshops in Book IV of the Manual of Regulations for Banks and Other Financial Intermediaries(BSP Circular No. 75)
- Submission of Quarterly Report on Residential Real Estate Loans (RRELs) by Universal/Commercial Banks (UBs/KBs) and Thrift Banks (TBs) for the Generation of the Residential Real Estate Price Indext (RREPI)(BSP Circular No. 892)
- Reportorial Requirements for Bank Deposit Interest Rates(BSP Circular No. 848)
- Rules and regulations implementing Sec. 9 of the Anti-Money laundering Act of 2001(BSP Circular No. 302)
Want an analysis of this document?
Ask ASG Legal AI to summarize it, compare it with other rulings, or explain how it applies to your situation — it researches from this same library.