Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits
BSP Circular No. 810-13, issued on August 30, 2013, amends the guidelines for issuing Long-Term Negotiable Certificates of Time Deposit (LTNCTDs) with a minimum maturity of five years. Key changes include additional requirements for banks post-approval, such as submitting a written waiver of deposit secrecy, disclosure of terms and conditions, promotional materials, and a specimen registry confirmation within ten days of issuance. Banks are also required to notify the appropriate department of any changes in underwriters, registry banks, or selling agents within the same time frame. This circular becomes effective fifteen days after publication in the Official Gazette or a widely circulated newspaper.
Quick Answers
- What is Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits about?
- BSP Circular No. 810-13, issued on August 30, 2013, amends the guidelines for issuing Long-Term Negotiable Certificates of Time Deposit (LTNCTDs) with a minimum maturity of five years. Key changes include additional requirements for banks post-approval, such as submitting a written waiver of deposit secrecy, disclosure of terms and conditions, promotional materials, and a specimen registry confirmation within ten days of issuance. Banks are also required to notify the appropriate department of any changes in underwriters, registry banks, or selling agents within the same time frame. This circular becomes effective fifteen days after publication in the Official Gazette or a widely circulated newspaper.
- What type of law is BSP Circular No. 810-13?
- Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits (BSP Circular No. 810-13) is a Philippine Other Rules and Procedures enacted by the Congress of the Philippines.
- When was Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits enacted?
- Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits (BSP Circular No. 810-13) was enacted on Aug 30, 2013.
- What is the citation for Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits?
- Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits, BSP Circular No. 810-13, Aug 30, 2013 (Philippines)
Law Information
- Reference Number
- BSP Circular No. 810-13
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
August 30, 2013
BSP CIRCULAR NO. 810-13
| SUBJECT | : | Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits |
The Monetary Board in its Resolution No. 1201 dated 18 July 2013, approved the following amendments to the guidelines governing the issuance of long-term negotiable certificates of time deposit (LTNCTDs).
SECTION 1. Long-Term Negotiable Certificates of Time Deposit. — The provisions under Subsection X233.9 of the Manual of Regulations for Banks (MORB) are hereby further amended to read, as follows:
"Subsection X233.9 Long-term negotiable certificates of time deposit. — The following guidelines shall govern the issuance of long-term negotiable certificates of time deposit (LTNCTDs) with a minimum maturity of five (5) years:
"xxx xxx xxx.
"d. Additional requirements for the issuance of LTNCTD. After a bank's application to issue an LTNCTD has been approved, it may issue the same, subject to the submission of the following additional requirements to the appropriate department of the SES within ten (10) calendar days after issuance of the initial offering/tranche: CHEDAc
(1) Written waiver of the secrecy of deposits on said LTNCTD by the issuing bank, its subsidiaries, affiliates and wholly or majority-owned or -controlled entities of such subsidiaries and affiliates;
(2) Information disclosure and the terms and conditions of the LTNCTD issuance;
(3) Promotional materials; and
(4) Specimen of the proposed registry confirmation and purchase advice from each selling agent/market maker which will evidence sale of the LTNCTD.
The bank shall, likewise, submit within ten (10) calendar days after issuance of the initial and subsequent tranches, a written notice to the appropriate department of the SES of the actual date of initial/tranche offering accompanied by a certification by the president/country manager that the pre-qualification requirements under Item "c(1)" have been complied with up to the time of offering.
"e. . . .
"f. Change of underwriter/arranger, registry bank, selling agent(s)/market maker(s).
The issuing bank shall notify the appropriate department of the SES in writing of any change in the identity of its registry bank, underwriter/arranger, selling agent and/or market maker within ten (10) calendar days from date of such change.
Said written notice shall state the (i) reasons for the change, (ii) identity of the newly-designated FI(s), and (iii) effectivity of the engagement.
"g. . . .
"xxx xxx xxx."
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. ESAHca
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.GovernorBangko Sentral ng Pilipinas
Cite This Law
Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits, BSP Circular No. 810-13, Aug 30, 2013 (Philippines)
Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificates of Time Deposits, BSP Circular No. 810-13 (Phil. 2013)
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