Joint Statement: Amendments to the New Rules on Registration of Commercial Papers

May 7, 1993 JOINT STATEMENT AMENDMENTS TO THE NEW RULES ON REGISTRATION OF COMMERCIAL PAPERS In furtherance of the development of the capital market, the Securities and Exchange Commission and the Central Bank of the Philippines hereby formalize the amendments to the New Rules on Registration of Commercial Papers as follows: prcd A. Section 4(c) of the New Rules on Registration of Short Term Commercial Papers is hereby amended to read as follows: "Evidence of indebtedness issued the following primary institutional lenders: banks, including their trust accounts, trust companies, non-bank financial intermediaries authorized to engaged in quasi-banking functions, investment houses including their trust accounts, financing companies, investment companies, non-stock savings and loan associations, building and loan associations, venture capital corporations, special purpose corporations referred to in Central Bank Monetary Board Resolution No. 1051 dated June 9, 1981, insurance companies, government financial institutions, pawnshops; pension and retirement funds approved by the Bureau of Internal Revenue, educational assistance funds established by the national government and other entities that may be classified as primary institutional lenders by the Central Bank, in consultation with the Securities and Exchange Commission, provided all such evidence of indebtedness shall be held on to maturity and shall neither be negotiated nor assigned to any one other than the Central Bank, and the Development Bank of the Philippines with respect to private development banks in connection with their rediscounting privileges, and financial intermediaries with quasi-banking functions." B. Section 7(f) of the New Rules on Registration of Long Term Commercial Papers is hereby amended to read as follows: "Evidence of indebtedness issued to the following primary institutional lenders: banks, including their trust accounts, trust companies, non-bank financial intermediaries authorized to engage in quasi-banking functions, investment houses including their trust accounts, financing companies, investment companies, non-stock savings and loan associations, building and loan associations, venture capital corporations, special purpose corporations referred to in Central Bank Monetary Board Resolution No. 1051 dated June 9, 1981, insurance companies, government financial institutions, pawnshops, pension and retirement funds approved by the Bureau of Internal Revenue, educational assistance funds established by the national government, and other entities that may be classified as primary institutional lenders by the Central Bank, in consultation with the Securities and Exchange Commission: provided all such evidence of indebtedness shall be held on to maturity and shall neither be negotiated nor assigned to any one other than the Central Bank and the Development Bank of the Philippines with respect to private development banks in connection with their rediscounting privileges, and financial intermediaries with quasi-banking functions." The publications of these amendments are also hereby ordered as required by law. llcd (SGD.) ROSARIO N. LOPEZ Chairman SECURITIES & EXCHANGE COMMISSION (SGD.) JOSE L. CUISIA, JR. Governor CENTRAL BANK OF THE PHILS.