To issue regulations applicable to Common Trust Funds (CTFs)
CIRCULAR NO. 452 Series of 2004
Pursuant to Monetary Board Resolution No. 1279 dated 9 September 2004, the following regulations applicable to Common Trust Funds (CTFs) are hereby issued:
1. Outstanding CTFs shall be subject to the legal and liquidity reserve requirements applicable to deposit substitutes effective April 1, 2005; and
2. Investments in securities of all existing CTFs shall be delivered to a Bangko Sentral ng Pilipinas (BSP)-accredited third party custodian as prescribed under Item “b” of Subsection UX410.11/U4410.11 of Circular No. 447 not later than October 31, 2004.
FOR THE MONETARY BOARD:
ARMANDO L. SURATOS Officer-In-Charge
More in BSP Circulars
- Amendments to the Manual of Regulations re issuance by banks of redeemable preferred shares(BSP Circular No. 397)
- Imposition of the sanctions for deficiency in the security deposit for the faithful performance of trust and fund management duties and deposit for liquidity purposes for common trust fund(BSP Circular No. 1335)
- Amendments to the Guidelines on the Issuance of Long-Term Negotiable Certificates of Time Deposits(BSP Circular No. 877)
- Interlocking Directorships and/or Officerships(BSP Circular No. 646)
- Rationalization of Prudential Requirements on Banking Offices and Guidelines on the Establishment of Branch-lite Units(BSP Circular No. 987)
- Amendments to the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions pertaining to the Adoption of the Global Master Repurchase Agreement-Based Reverse Repurchase and Repurchase Agreements(BSP Circular No. 1217)
- Adoption of a Policy to Consider Loans Granted to Foreign Embassies as Loans to their respective Central Governments(BSP Circular No. 550)
- Allowable Investments of Unit Investment Trust Funds(BSP Circular No. 675)
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