Amendment to the Regulation on Interlocking Directorships and/or Officerships of Representatives of Government

March 27, 2017 BSP CIRCULAR NO. 953-17 SUBJECT : Amendment to the Regulation on Interlocking Directorships and/or Officerships of Representatives of Government The Monetary Board, in its Resolution No. 416 dated 9 March 2017, approved the amendments to the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) to limit the applicability of the rules on interlocking directorships and/or officerships of representatives of government to those of government or government-owned or controlled entities holding voting shares of stock of banks/quasi-banks/non-bank financial institutions/trust corporations. SECTION 1. Subsections X145.1/4145Q.1/4140N.1/4145T.1 of the MORB/MORNBFI on Representatives of Government are hereby amended to read, as follows: "The provision of this Section shall apply to persons appointed to such positions as representatives of the government or government-owned or controlled entities holding voting shares of stock of banks/quasi-banks/non-bank financial institutions/trust corporations unless otherwise provided under existing laws." SECTION 2. 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: (SGD.) AMANDO M. TETANGCO, JR. Governor