All Non-Bank Financial Intermediaries

July 27, 1981CBP MEMORANDUMTO:All Non-Bank Financial Intermediaries The Monetary Board, in its Resolution No. 705 dated April 24, 1981, approved the following guidelines governing lender count on borrowings or funds mobilized by non-bank financial intermediaries:1. For purposes of ascertaining the number of lenders/placers to deter mine whether or not a non-bank financial intermediary is engaged in quasi-banking functions, the names of payees on the face of each debt instrument shall serve as the primary basis for counting the lenders/placers except when proof to the contrary is adduced such as the official receipts or documents other than the debt instrument itself. In such case the actual/real lenders/placers as appearing in such proof, shall be the basis for counting the number of lenders/placers.In a debt instrument issued to two (2) or more named payees under an "and/or" and "or" arrangement, the number of payees appearing on the instrument shall be the basis for counting the number of lenders/placers: Provided, however, That a debt instrument issued in the name of a husband and wife followed by the word...