Extension of the Transitory Provisions of Circular No. 938 dated 23 December 2016 and Subsection 4511N.16 of MORNFBI

Elanoxo SENrnaL No PtulPtNAs OFFICE OF THE GOVERNOR ctRcutAR No.ggL Series of 2018 Subject: Extension of the Transitory Provisions of Circular No. 938 dated 23 December 2016 and Subsection 4511N.16 of MORNBFT The Monetary Board, in its Resolution No. 135 dated 25 January 20L8, approved the extension of the transitory period for existing pawnshop operators to secure their BSP Authority to Operate a pawnshop business, and the effectivity of previously issued Certificates of Registration to remittance and transfer companies (RTCs)/money changers (MCs)/foreign exchange dealers (FXDs), to provide them ample time to file their application for re-registration. Section 1. The first paragraph of Section 81 of Circular No. 938 dated 23 December 2016 shall be revised and incorporated as footnote to Section 4103P of the MORNBFI, as follows: "All existing pawnshop operators as of 28 January 2OI7, shall secure their Authority to Operate a pawnshop business from the Bangko Sentral on or before 30 April 2018. Upon the expiration of the transitory period, all Acknowledgment of Registrations (AORs) previously issued by the Bangko Sentral shall be considered automatically revoked." Section 2. Subsection 4511N.16 (Transitory Provision) of the MORNBFT shall be amended to read as follows: "9 4511N.16 Tronsitory provisions. All Bangko Sentral Certificate of Registration (CORs) issued prior to 10 February 20L7, to Remittance and Transfer Companies (RTCs)/Money Changers (MCs)/Foreign Exchange Dealers (FXDs)shall remain effective until 30 April 20L8. Thereafter, they shall be considered automatically cancelled." section 3. Effectivity. This circular shall take effect 26 January 2019. FOR THE MONETARY BOARD: I /Lt- NESTOR 7C hnuary 2018 A. Mobini St., Molote 1004 Monilo, Philippines . 16321708-7701 . www.bsp.gov.ph . [email protected]