Amendment to the Regulations on Long-Term Negotiable Certificates of Time Deposits

January 30, 2014BSP CIRCULAR NO. 824-14SUBJECT : Amendment to the Regulations on Long-Term Negotiable Certificates of Time DepositsPursuant to Monetary Board Resolution No. 2134 dated 19 December 2013, the provisions of the Manual of Regulations for Banks (MORB) on long-term negotiable certificates of time deposit (LTNCTD) are hereby amended as follows: SECTION 1. Item "b" of Subsection X233.9 of the MORB is hereby amended to read as follows:"(b). Application for authority of the issuing bank. An application for authority on each issue/issue program of LTNCTD shall be filed with the appropriate department of the SES: Provided, That any portion of an approved LTNCTD that is not issued within six (6) months of the approval of the Monetary Board will be deemed forfeited. AIDcTExxx xxx xxx"SECTION 2. Items "e" to "k" of Subsection X233.9 of the MORB are hereby re-labelled as "f" to "l", respectively. A new provision is hereby added as item "e" of the same subsection:"(e) Listing of LTNCTD with an accredited exchange. LTNCTDs shall be listed on an accredited exchange within thirty (30)...