May 22, 2015
BSP CIRCULAR NO. 877-15
| SUBJECT | : | Amendments to the Guidelines on the Issuance of Long-Term Negotiable Certificates of Time Deposits |
Pursuant to Monetary Board Resolution No. 745 dated May 07, 2015, 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 on Application for authority of the issuing bank 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. 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.
The application shall be signed by the president/country manager (branch of a foreign bank) of the bank. It shall be accompanied by: (i) a certified true copy of the resolution of the bank's board of directors authorizing the issuance of LTNCTD, indicating, among others,...
