Frequently Asked Questions on Circular No. 802 Dated 21 June 2013 on the Amendment of Section X156 of the Manual of Regulations for Banks (MORB) on Submission to the Bangko Sentral ng Pilipinas (BSP) of the Notice of Intended Closure of Banks and/or Their Branches or Other Offices Due to Local Holidays

January 30, 2014BSP MEMORANDUM NO. M-2014-005TO:All Banks   SUBJECT:Frequently Asked Questions on Circular No. 802 Dated 21 June 2013 on the Amendment of Section X156 of the Manual of Regulations for Banks (MORB) on Submission to the Bangko Sentral ng Pilipinas (BSP) of the Notice of Intended Closure of Banks and/or Their Branches or Other Offices Due to Local Holidays 1. Can the Chief Compliance Officer qualify as a co-signatory of the required Certification in lieu of the President? Circular No. 802 provides, among others, that the required notice shall be supported by a certification jointly signed by the President of the bank or officer of equivalent position and the head of the branches department, if any. The phrase "officer of equivalent position" pertains to head of the bank such as the Chief Executive Officer. Considering that the Chief Compliance Officer (CCO) is not an officer of equivalent position of the President, the CCO is not qualified as a co-signatory of the required certification.2. Is there any prescribed form for the Notice and should the Certification...