Definition of "Related Interest" for Purposes of DOSRI Ceilings

October 22, 2010BSP CIRCULAR NO. 695-10SUBJECT : Definition of "Related Interest" for Purposes of DOSRI CeilingsPursuant to Monetary Board Resolution No. 1425 dated 08 October 2010, Item (4) of Subsection X326.1.e of the Manual of Regulations for Banks (MORB) is hereby amended to read as follows: ICASEH"§ X326.1. Definitions. — For purposes of these regulations, the following definitions shall apply:"xxx xxx xxx"e. Related interest shall refer to any of the following:"xxx xxx xxx"(4) Corporation, association, or firm of which a director or officer of the bank, or his spouse is also a director or officer of such corporation, association or firm, except (a) where the securities of such corporation, association or firm are listed and traded in the big board or commercial and industrial board of domestic stock exchanges and less than fifty percent (50%) of the voting stock thereof is owned by any one (1) person or by persons related to each other within the first degree of consanguinity or affinity, (b) where the director, officer or stockholder of the bank sits as a...