Application of the regulations covering banks in the Circulars to non-bank financial institutions performing quasi-banking functions (NBQBs/Quasi-Banks)
CIRCULAR NO. 215 Series of 1999
The Monetary Board, in its Resolution No. 1458 dated 15 October 1999 approved the application of the regulations covering banks in the following Circulars to non-bank financial institutions performing quasi-banking functions (NBQBs/Quasi-Banks):
Regulatory Issuance
Date
Subject Matter
Circular No. 145
10.02.97
Compliance System and Compliance Officers required of banks
Circular No. 179
09.25.98
External Auditors of banks required to report certain matters to BSP
Circular No. 198 04.22.98 Incremental loans of banks After 3.31.99 not subject to general loan lost provisioning
Circular No. 202 05.27.99
Policies on non-performing loans of bank
Circular No. 206
07.20.99
Directors and Officers with rank of Senior Vice President and Up of Commercial and Thrift Banks require Monetary Board confirmation
The deadlines set in Circular Nos. 145 and 206 are hereby amended for NBQBs, as follows:
Circular No. 145 — Two (2) months from date of this Circular to submit their Compliance System and designated Compliance Officer;
Circular No. 205 — Within thirty (30) business days from date of this Circular to submit a list of the incumbent members of the board of directors and officers (Chief Executive Officer down the line).
This Circular shall take effect immediately.
For The Monetary Board:
RAFAEL B. BUENAVENTURA Governor
More in BSP Circulars
- Amendments to the Rules and Regulations on the Reserves Against Deposits and Deposit Substitute Liabilities of Banks(BSP Circular No. 1176)
- To allow oil companies, thru authorized commercial banks to avail of the NDF (CRPP) Facility(BSP Circular No. 150)
- Effectivity date of Circular No. 392 dated 23 July 2003(BSP Circular No. 460)
- Exclusion of equity of multilateral financial institutions in determining capital stock ownership by non-Filipino citizens under Circular No. 572(BSP Circular No. 96)
- Guidelines on Securities Borrowing and Lending (SBL)Transactions in the Philippine Stock Exchange (PSE) Involving Borrowings by Foreign Entities of PSE-Listed Shares from Local Investors/Lenders(BSP Circular No. 611)
- Rules and Regulations on the mandatory credit allocation for agriculture and agrarian reform credit(BSP Circular No. 736)
- Guidelines on the Adoption of Philippine Financial Reporting Standards and Philippine Accounting Standards(BSP Circular No. 494)
- Outsourcing of Other Banking Functions(BSP Circular No. 543)
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