CBP Memorandum

July 18, 1979 CBP MEMORANDUM TO : All Banks Effective immediately, and pursuant to Monetary Board Resolution No. 1140 dated June 22, 1979 amending M.B. Resolution No. 61 dated January 5, 1979, the following revised guidelines shall be observed by all domestic banks governing the submission of periodic reports by their foreign subsidiary/affiliate or non-bank entities: LibLex a) For foreign subsidiary firms wholly or majority-owned by domestic banks, the local investor bank(s) concerned shall regularly submit to the appropriate supervising and examining department of the Central Bank a quarterly statement of condition and semestral report of income and expenses concerning the operations of the foreign subsidiaries, including such other periodic reports which may be required from time to time in the forms prescribed by the Central Bank for domestic financial intermediaries to the extent that their operations are applicable; b) For foreign affiliates which are minority-owned by domestic banks, the appropriate supervising and examining department shall be furnished by said domestic banks copies of the annual report prescribed by any of the regulatory authorities in the country of operations, such as the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Comptroller of the Currency and other agencies performing similar functions; and c) When material changes noted in the annual financial statements warrant an interim comprehensive evaluation, the foreign affiliate concerned shall be requested to submit to the appropriate supervising and examining department thru its domestic investor bank copies of its quarterly/interim reports to stockholders or the call reports in the case of U.S. banks. It is understood that the conditions on the submission of periodic reports previously set by the Monetary Board on the approval of equity investments abroad for domestic banks shall be deemed amended accordingly. Please be guided accordingly. LLjur (SGD.) G. S. LICAROS Governor