Interest Earning Deposits as Part of the Investment of a Common Trust Fund to Any One Person, Firm or Corporation Subject to Fifteen Percent (15%) Ceiling
CBP CIRCULAR NO. 1321 Series of 1992
INTEREST EARNING DEPOSITS AS PART OF THE INVESTMENT OF A COMMON TRUST FUND TO ANY ONE PERSON, FIRM OR CORPORATION SUBJECT TO FIFTEEN PERCENT (15%) CEILING
The Monetary Board in its Resolution No. 1371 dated December 12, 1991 approved the amendment of Subsections 1410.5. 2410.5, 3410.5 and 4410.5 of Books I, II, III and IV, respectively, of the Manual of Regulations for Banks and Other Financial Intermediaries so as to include specifically interest earning deposits as part of the investment of a common trust fund to any one person, firm or corporation subject to fifteen percent (15%) ceiling.
This Circular shall take effect immediately.
For the Monetary Board:
JOSE L. CUISIA, JR. Governor
More in BSP Circulars
- Guidelines on Foreign Currency Denominated Philippine National Government (NG)/BSP Bonds/Debt Securities Booked Under Held to Maturity (HTM) Category(BSP Circular No. 558)
- To require all banks to develop and implement a compliance system and to appoint/designate a compliance officer to oversee its implementation(BSP Circular No. 145)
- Amendments to Regulations on Electronic Banking Services and Other Electronic Operations(BSP Circular No. 1033)
- Amending the ratio of liquidity reserves for all financial intermediaries(BSP Circular No. 139)
- Appropriate account to record the demand items delivered to Philippine Clearing House Corporation(BSP Circular No. 289)
- Amendments to the Financial Reporting Package for Trust Institutions(BSP Circular No. 641)
- Amendment of Cir. No. 1389 to redefine "investments in bank deposits" as to exclude savings deposits(BSP Circular No. 224)
- Rules and Regulations governing the issuance, placement, sale servicing, redemption and retirement of bonds issued by LGUs(BSP Circular No. 44)
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.