May 26, 2014
BSP CIRCULAR NO. 834-14
SUBJECT : Amendments to the Guidelines Governing the Issuance of Long-Term Negotiable Certificate of Time Deposits and Unsecured Subordinated Debt
The Monetary Board, in its Resolution No. 613 dated 10 April 2014, approved the revisions to the provisions of the Manual of Regulations for Banks (MORB) on unsecured subordinated debt (UnSDs) and long-term negotiable certificates of time deposits (LTNCDs).
SECTION 1. The provisions of Subsection X119.4 of the MORB are hereby amended to read as follows:
"§ X119.4. Public issuance of unsecured subordinated debt. — Public issuance of UnSD is an issuance offered to the general public, which may or may not be qualified investors/buyers as hereinafter defined. The Issuing Bank must be rated by an independent credit rating agency recognized by the BSP and a Public Trustee shall be appointed for investor protection.
"a. Application for authority . . .
"xxx xxx xxx
"f. Agreements Between Issuing Bank and other parties involved. . . .
"g. Purchase Advice and Registry Confirmation. The Purchase Advice and Registry Confirmation shall contain all the terms and conditions...