BSP Issues Circular on Reporting Requirements for Banks
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.
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Effective Date: Official Gazette+15 Days
Keywords: Asia Pacific, Philippines, Banking, Reporting, Governance, Manual of Regulations, Credit Accommodation, Credit Risk, Regulatory Capital, Basel, BSP
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