November 28, 2012
BSP CIRCULAR NO. 775-12
| SUBJECT | : | Definition of "Reasonable Period of Time" Relative to the Requirement on the Listing of Shares in the Philippine Stock Exchange (PSE) under Section 3 of Republic Act (R.A.) No. 7721 Dated 18 May 1994 |
The Monetary Board in its Resolution No. 1800 dated 30 October 2012 approved the issuance of the policy defining the term "reasonable period of time" and the enforcement of the listing requirement under Section 3 of R.A. No. 7721 dated 18 May 1994, for banking corporations established under Sections 2 (i) and (ii) of R.A. No. 7721, (i.e., foreign banks that entered the Philippine banking system either (i) by acquiring, purchasing or owning up to 60 percent of the voting stock of an existing bank, or (ii) by investing in up to 60 percent of the voting stock of a new banking subsidiary incorporated under the laws of the Philippines).
Thus, the provisions of Section X105.11 of the Manual of Regulations for Banks (MORB), implementing above cited law should read as follows:
"At least ten...
