Featured Product

    BSP Issues Circular on Reporting Requirements for Banks

    February 24, 2021

    BSP issued a circular on amendments to selected Appendices on reports required from banks and quasi banks, along with amendments to other relevant sections of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions. The Annex to the circular lists the reports that are being added and deleted to the respective manuals. The Monetary Board approved these amendments as part of the rationalization of prudential reporting requirements initiative, which aims to contribute to continuing adherence to the internationally recognized standards and practices on data aggregation and governance. The circular shall take effect 15 days after its publication in the Official Gazette or in a newspaper of general circulation.

    Appendix 7 of the Manual of Regulations for Banks has been amended by deleting selected reports, including reports on compliance with aggregate ceiling on direct/indirect credit accommodations to directors/officers/stockholders. In addition, Appendix 7 of Manual of Regulations for Banks has been amended by inserting a new certification report titled “Certification on Loans and Other Credit Accommodations to Directors, Officers, Stockholders, and their related Interests/Subsidiaries/Affiliates." Section 346 of the Manual of Regulations for Banks has been also amended to include description related to the new certification. All banks shall submit a certification of full compliance with the provisions of Part III.D of the Manual of Regulations on loans and other credit accommodations to directors, officers, stockholders, and their related interests/subsidiaries/affiliates. This certification is considered as A-3 report and shall be submitted to the appropriate supervising department of BSP, 15 days after the end of reference semester. The Manual of Regulations for Banks is relevant for universal and commercial banks, thrift banks, and rural banks and cooperative banks. 

     

    Related Links

    Effective Date: Official Gazette+15 Days

    Keywords: Asia Pacific, Philippines, Banking, Reporting, Governance, Manual of Regulations, Credit Accommodation, Credit Risk, Regulatory Capital, Basel, BSP

    Featured Experts
    Related Articles
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    EIOPA Consults on Reporting and Disclosures Under Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7293