February 18, 2020
BSP CIRCULAR NO. 1076-20
| SUBJECT | : | Amendments to the Regulations on the Disqualifications and Watchlisting of Directors/Officers |
The Monetary Board, in its Resolution No. 1860 dated 28 November 2019, approved the following amendments to the provisions of the Manual of Regulations for Banks (MORB) and the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI):
SECTION 1. Section 138 of the MORB shall be amended to read, as follows:
Section 138. Disqualification and Watchlisting of Directors and Officers. —
The Bangko Sentral recognizes that the fitness and propriety of the board of directors and management significantly influences and shapes the quality of corporate governance in a financial institution. Following the standards set forth on the qualifications and responsibilities of the board and management, this Section provides the rules governing the watchlisting and disqualification of persons from becoming directors/officers of banks. The policy aims to further promote the integrity of the financial system and better protect the interest of the public.
Persons disqualified to become directors/officers. Without prejudice to specific provisions of law prescribing disqualifications for directors/officers, the following are...
