Amendment to Regulations on Reserves Against TOFA-Others

BANGKO SentRAl NG PILIPInAS

OFFICE OF THE GOVERNOR

CIRCULAR NO._1025 Series of 2018

Subject: Amendment to Regulations on Reserves Against TOFA-Others

approved the following amendment to Subsection X405.5/4405Q.5 of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions {MORNBFI). The Monetary Board, in its Resolution No. 1965 dated 22 November 2018

to read as follows: Section 1. Subsection X405.5/4405Q.5 of the MORB/MORNBFI is hereby amended

"Subsection X405.5/4405Q.5. Reserves against trust and other fiduciary accounts (TOFA) -- Others.

Indenture; (3) Custodianship and Safekeeping; (4) Depository and Reorganization; (5) Employee Benefit Plans Under Trust; (6) Escrow; (7) Personal Trust (testamentary trust); (8) Executorship; (9) Guardianship; (10) Life Insurance Trust; Institutional Accounts under Trust. engage in trust and other fiduciary business shall maintain reserves on TOFA - Others, except accounts held under (1) Administratorship; (2) Trust Under (11) Pre-need Plans (institutional/individual); (12) Personal Equity and Retirement Account (PERA); (13) Legislated and Quasi-Judicial Trust; and (14) Specialized In addition to the basic security deposit, banks/institutions authorized to

X X x

Section 2. Effectivity. The Circular shall take effect 15 calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.

FOR THE MONETARY BOARD:

NESTOR A. ESPENILLA,JR. 2G

Governor

I3_ December 2018

A. Mabini St., Malate 1004 Manila, Philippines * (632) 708-7701 * www.bsp.gov.ph [email protected]