Amendments to Unit Investment Trust Funds (UITFs) Regulations

January 8, 2008BSP CIRCULAR NO. 593-08SUBJECT : Amendments to Unit Investment Trust Funds (UITFs) RegulationsPursuant to Monetary Board Resolution No. 1499 dated 27 December 2007, Subsections X410.6/4410Q.6 and X410.7/4410Q.7 of the Manual of Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), respectively, are hereby amended to read as follows: IaSCTESECTION 1. "Subsection X410.6/4410Q.6 Plan Rules. — Each UIT Fund shall be established, administered and maintained in accordance with a written trust agreement drawn by the trustee, referred to as the "Plan" which shall be approved by the Board of Directors of the trustee and a copy of which shall be submitted to the Bangko Sentral for PROCESSING AND approval prior to its implementation. EACH NEW UIT FUND PLAN FILED FOR APPROVAL SHALL BE CHARGED A PROCESSING FEE OF P10,000.00. aTDcAHThe Plan shall contain the following minimum elements:a. Title of the Plan. This shall correspond to the product/brand name by which the UIT fund is proposed to be known and made available to its clients. THE PLAN RULES SHALL STATE THE CLASSIFICATION OF...