BSP Memoranda BSP Memoranda No. M-2007-009BSP Memoranda No. M-2007-009 2007-03-22T00:00:00.000+08:00
Outsourcing of Banking Functions by the Trust Department
MEMORANDUM NO. M-2007-009
To : ALL BANKS PERFORMING TRUST AND OTHER FIDUCIARY BUSINESS AND INVESTMENT MANAGEMENT ACTIVITIES
Subject : Outsourcing of Banking Functions by the Trust Department
Pursuant to Monetary Board Resolution No. 69 dated 18 January 2007 and relative to Circular No. 447 dated 03 September 2004, this is to clarify that trust departments of banks performing trust and other fiduciary business and investment management activities are covered by the requirement of prior BSP approval for outsourcing services under Subsec. X169.3 of the Manual of Regulations for Banks.
For information and guidance.
NESTOR A. ESPENILLA, JR. Deputy Governor
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