Examination and Records of BSP-Supervised Financial Institutions

April 17, 2017BSP CIRCULAR NO. 957-17SUBJECT : Examination and Records of BSP-Supervised Financial Institutions The Monetary Board, in its Resolution No. 368 dated 2 March 2017, approved amendments to the relevant provisions of the Manual of Regulations for Banks (MORB) and the Q-Regulations of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) on the examination and record-keeping of BSP-Supervised Financial Institutions (BSFIs). The regulations herein are set forth pursuant to Sections 25 and 34 of R.A. No. 7653 or the New Central Bank Act and Section 4 of R.A. No. 8791 or the General Banking Law of 2000, which recognizes the authority of the BSP to issue rules of conduct and establish standards of operation for its supervised financial institutions. SECTION 1. Section X001 of the MORB and Section 4001Q of the MORNBFI shall be amended to read as follows:(a) "Sec. X001. Examination by the Bangko Sentral. — The term 'examination' shall refer to an investigation of an institution under the supervisory authority of the Bangko Sentral to determine whether the institution is operating...