October 21, 2014
BSP CIRCULAR NO. 853-14
SUBJECT : Creation of Multi-Class Unit Investment Trust Fund (UITF)
The Monetary Board in its Resolution No. 1526 dated 25 September 2014 approved the following amendments to Sections X410 and 4410Q of the Manual of Regulations for Banks (MORB) and Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), respectively, to allow for the offering of a multi-class UITF.
SECTION 1. Subsection X410.1 and 4410Q.1 are hereby amended to read as follows:
"Subsection X410.1/4410Q.1. Definitions. —
"a. Unit Investment Trust Funds. . . .
xxx xxx xxx
i. MULTI-CLASS FUND. A UIT FUND STRUCTURE WHICH HAS MORE THAN ONE CLASS OF UNITS IN THE FUND AND IS INVESTED IN THE SAME POOL OF SECURITIES AND THE SAME PORTFOLIO, INVESTMENT OBJECTIVES AND POLICIES".
Previous item i is renumbered as item j of this subsection.
SECTION 2. Subsection X410.2/4410Q.2 are hereby amended to read as follows:
"Subsection X410.2/4410Q.2. Establishment of a Unit Investment Trust Fund. — Any trust entity authorized to perform trust functions may establish, administer and maintain one (1) or more UIT Funds subject to applicable provisions under this...
