BSP Circular Letters BSP Circular Letter No. CL07292002BSP Circular Letter No. CL07292002 2002-07-29T00:00:00.000+08:00
Marketing/selling of foreign-based mutual funds
CIRCULAR LETTER Series of 2002
TO : All Banks
In view of the persistent reports that banks have been marketing/selling foreign-based mutual funds, banks are reminded that they are not allowed to use any or all of their branches as outlets and/or sales of such financial products without prior approval of the Bangko Sentral ng Pilipinas.
Criminal and administrative sanctions prescribed under Sections 36 and 37, respectively, of R. A. No. 7653 (The New Central Bank Act) shall be imposed for violations thereof.
ALBERTO V. REYES Deputy Governor
More in BSP Circular Letters
- Clarifications to BSP Circular No. 264 dated October 27, 2000, requiring foreign exchange (FX) sales by FOREX Corporations, amounting to $10,000 or more, to be supported by appropriate invoices/documents(BSP Circular Letter No. CL10312000)
- Fertilizer and Pesticides Authority (FPA) Memorandum Circular No. 01, Series of 1994(BSP Circular Letter No. CL01311994)
- Industry Reference Practices on Sound Contract to Sell Financing(BSP Circular Letter No. CL-2012-084)
- Revocation of License to Operate as a Non-Stock Savings and Loan Association of Batanes Government Employees Savings and Loan Association, Inc.(BSP Circular Letter No. CL-2023-031)
- Amendments to the Signing of Transmittal Letters of Sequestered Companies(BSP Circular Letter)
- Lost Bangko Sentral Registration Document (BSRD) issued by the Bangko Sentral ng Pilipinas(BSP Circular Letter No. CL-2009-052)
- Unencumbered foreign currency cover for foreign currency liabilities in the foreign currency deposit units (FCDU) of commercial banks(BSP Circular Letter)
- Approved applications for new banking offices and (2) new banking offices opened during the Second Quarter of 2002(BSP Circular Letter)
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.