Documentary Requirements for Various Applications/ Requests of Banks/NBFIs

CIRCULAR LETTER NO. CL-2009-042

To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS

Subject : Documentary Requirements for Various Applications/ Requests of Banks/NBFIs

To assist the Banks/NBFIs in the submission of their applications/requests to the Central Applications and Licensing Group, Supervision and Examination Sector (CALG-SES), we are providing the attached lists of documentary requirements by nature of application/request, as follows:

Annex A - Acceptance/Creation of Demand Deposit/Now Accounts; Annex B - Amendment of the Articles of Incorporation and/or By-Laws of Banks/Non-Banks; Annex C - Amendment of the Articles of Cooperation and/or By-Laws of Cooperative Banks Annex D - Authority to Accept Government Deposits; Annex E - Authority to Operate an (Expanded) Foreign Currency Deposit Unit; Annex F - Authority to Engage in Quasi-Banking Functions; Annex G - Authority to Solicit and Accept Deposits Outside Bank Premises; Annex H - Clearance to Remit Foreign Bank Branch Profit Annex I - Cross-selling of Certain Financial Products; Annex J - Declaration of Dividends (Cash and/or Stock); Annex K - Establishment of Banking Offices Abroad; Annex L - Establishment of a Branch in the Philippines; Annex M - Establishment of an Other Banking Office (OBO) in the Philippines; Annex N - Establishment of an Offshore Banking Unit (OBU) in the Philippines; Annex O - Establishment of a Representative Office of a Foreign Bank in the Philippines; Annex P - Equity Investment in Allied and Non-Allied Undertakings (except equity investment of a bank in another bank); Annex Q - Extension of Time to Open a BSP-Approved Branch/Other Banking Office (OBO); Annex R - Head Office Transfer/Relocation/Conversion; Annex S - Insourcing of Other Banking Functions; Annex T - Issuance of Long-Term Negotiable Certificates of Time Deposit; Annex U - Notification of Availment/Pretermination of the Currency Rate Risk Protection Program (CRPP); Annex V - Outsourcing of Certain Banking Functions (except for IT-related services); Annex W - Purchase of an Operating Branch/Other Banking Office in the Philippines; Annex X - Redemption of Preferred Shares; Annex Y - Redenomination of FDCU Loan/ROPA to Peso; Annex Z - Sale of a Branch/Other Banking Office in the Philippines; and Annex AA - Voluntary Closure of a Branch/Other Banking Office (OBO).

In the case of applications for establishment of new banks and non-bank financial institutions, the guidelines/procedures as well as the forms may be downloaded from the BSP website at www.bsp.gov.ph/regulations/guidelines.asp .

Bank is therefore reminded that the CALG-SES is reiterating its policy that only applications/requests of Banks/NBFIs supported with complete documents will be accepted for processing.

Thus, an application/request of a Bank/NBFI submitted to the CALG-SES with incomplete documents will be returned within five (5) banking days from receipt thereof by the CALG-SES but without prejudice to re-application once the documentary requirements are completed/complied with.  However, in certain cases, CALG SES will be requiring the Bank/NBFI to submit additional documents/information which it may later on consider relevant to complete its evaluation of the application/request.

Applicant banks located outside Metro Manila are requested to provide self-addressed envelopes to facilitate CALG-SES the return of applications with incomplete documentary requirements.

For information and guidance.

NESTOR A. ESPENILLA, JR. Deputy Governor