Amendment to the Regulation on Interlocking Directorships and/or Officership of Representatives of Government

Beruexo SerurReL NG Prr-rprNAs OFFICE OF THE GOVERNOR CIRCULAR NO. 953 Series of 2017 Subject: Amendment to the Regulation on lnterlocking Directorships andlor Officerships of Representatives of Government The Monetary Board, in its Resolution No.416 dated 9 March 2Ot7, approved the amendments to the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) to limit the applicability of the rules on interlocking directorships and/or officerships of representatives of government to those of government or government-owned or controlled entities holding voting shares of stock of banks/quasi-banks/non-bank financial institutions/ trust corporations. section 1. subsections xl45.t/4745Q.I/4L4ON.\/4745T.1 of the MORB/ MORNBFI on Representatives of Government are hereby amended to read, as follows: "The provision of this Section shall apply to persons appointed to such positions as representatives of the government or government-owned or controlled entities holding voting shares of stock of banks/quasi-banks/non- bank financial institutions/trust corporations unless otherwise provided under existing laws." Section 2. Effectivity. This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD: I Xh^mf- AMANDqM. TETANGCO, JR. /Governor 21 rvarch zott A. Mabini St., Malate 1004 Manila, Philippines . (6321708-7701 . www.bsp.gov.ph . [email protected]