Amendment to the Regulations on the Election and Employment of Foreign Nationals as Directors and Officers

E|ANGKo SeIrnaL NG PILIPINAS OFFICE OF THE GOVERNOR CIRCULAR NO. 1038 Series of 20L9 Subject: Amendment to the Regulations on the Election and Employment of Foreign Nationals as Directors and Officers The Monetary Board, in its Resolution No. 546 dated 4 April 20L9, approved the amendments to the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on the election of foreign nationals as directors of quasi-banks and/or other Bangko Sentral ng Pilipinas-supervised financial institutions and the employment of foreign nationals as officers or employees of financing companies. Section 1. Subsection 4142Q.2(d) of the MORNBFI on the election of foreign nationals as directors is hereby amended to read, as follows: Subsection 4t42Q.2 Composition of the board of directors. XXX d. Subject to existing laws, non-Filipino citizens may become members of the board of directors of a BSFI. Section 2. The provisions of Subsection 4150Q.6 of the MORNBFI are hereby deleted. Section 3. 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: c- (. BENJAMIN E. DIOKNO Governor '?a April 20tg A. Mabini St., Malate 1004 Manila, Philippines e {63?}7O8-71a1 ' www.bsp.Bov.ph . [email protected]