Amendments to the Guidelines on the Submission of Annual Reports and the Sanctions to be Imposed for Non-Disclosure of Relevant Information

April 17, 2017BSP CIRCULAR NO. 956-17SUBJECT  :Amendments to the Guidelines on the Submission of Annual Reports and the Sanctions to be Imposed for Non-Disclosure of Relevant Information The Monetary Board, in its Resolution No. 461 dated 16 March 2017, approved the following amendments to the Guidelines on the submission of Annual Reports of banks and quasi-banks (QBs) as well as the sanctions to be imposed for non-disclosure of relevant information as provided for under existing regulations, as follows: SECTION 1. Subsection X190.5 (2008-X166.5) of the Manual of Regulations for Banks (MORB) is hereby amended to read, as follows:Subsection X190.5 (2008-X166.5). "Disclosure requirements in the Annual Report. — It is the thrust of the Bangko Sentral ng Pilipinas (Bangko Sentral) to promote greater disclosure and transparency to the public. In line with this, the Bangko Sentral recognizes the importance of the Annual Report in providing financial information on the bank, which will be useful to the public in understanding the true condition of the bank. This is consistent with financial consumer protection and aligned with international...