CBP Circular Letter

June 28, 1976 CBP CIRCULAR LETTER TO : All Banks and Non-Bank Financial Intermediaries (Including Stock Brokers) Engaged in Trust and Fund Management Operations In connection with a study being undertaken by the Central Bank on trust and fund management operations, all banks and non-bank financial intermediaries (including stock brokers) engaged in trust and/or fund management operations are hereby requested to furnish the appropriate supervising and examining department on or before July 31, 1976 the information/data/documents indicated in Annex "A" hereof. LLphil Please submit these requested information/data/documents in duplicate (i.e., one original and one duplicate), duly certified to by an authorized officer. We trust for your usual cooperation in this undertaking. (SGD.) G. S. LICAROS Governor ANNEX A I. Please submit sample formats/copies of the following: (those currently used) 1. Standard forms of trust indentures or fund management contracts/agreements. 2. a) Organization chart of the trust department/fund management operations office, attaching thereto a brief summary of the duties and responsibilities of each officer and employee, as well as the minimum qualifications and training or experience required for trust officers and fund managers. 3. Chart of Accounts for the Trust Department or Fund Management Operations (include brief description/definition of each account). 4. Pro-forma reports regularly furnished trustors and the frequency thereof, or in the absence of such reports, the manner of informing trustors of the status of their accounts. 5. Pro-forma reports regularly prepared and submitted to the Board of Directors by the Trust Department/Fund Managers and frequency thereof. II. Please describe/discuss briefly the following: 1. The decision-making process involved in the general management of fiduciary funds (Include discussions/descriptions of the working relationships of the Trust Department/Fund Management Office with the bank proper/institution as a whole/other departments/offices within the company; the working Committees involved, as well as the names and designations of members; administration of each fiduciary account; manner and basis of computing or determining fees for each service; etc.) 2. Method of valuation used for each fiduciary asset/loan investment. 3. Major categories of accounts, e.g., pension funds, corporate accounts, individual accounts, foundations. etc. 4. Nature of placements in which funds are invested. 5. Outline of internal control procedures.