Amendment to Unit Investment Trust Fund (UITF) Regulations

March 10, 2016BSP CIRCULAR NO. 907-16SUBJECT : Amendment to Unit Investment Trust Fund (UITF) Regulations The Monetary Board in its Resolution No. 359 dated 24 February 2016 approved the amendment to Subsections X410.8/4410Q.8 and X410.9/4410Q.9 of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on feeder fund and fund-of-funds. SECTION 1. Subsection X410.8/4410Q.8 are hereby amended to read as follows:"Subsection X410.8/4410Q.8. Exposure Limits. — . . .xxx xxx xxxIn the case of feeder fund/fund-of-funds, the exposure limit shall be applied on the target fund's underlying investments. Notwithstanding said limit, if the target fund is allowed by its respective regulatory authority to invest in units/shares of other open-ended CIS, the exposure limit prescribed by said regulatory authority shall instead apply. Furthermore, the investments in any one target fund shall not exceed ten percent (10%) of the total net asset value of the target fund.xxx xxx xxxSECTION 2. Item g(3) in Subsection X410.9/4410Q.9 is hereby amended to read as follows:"Subsection X410.9/4410Q.9. Allowable investments and valuation. — UIT Fund investments...