February 23, 2009
BSP CIRCULAR NO. 646-09
SUBJECT : Interlocking Directorships and/or Officerships
Pursuant to Monetary Board Resolution No. 208 dated 05 February 2009, Section X145.a (1) of the Manual of Regulations for Banks (MORB) and Section 4144Q.b (2) of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) are hereby amended, as follows: aASEcH
SECTION 1. Section X145.a (1) of the MORB on interlocking directorships is hereby amended to read, as follows:
"Sec. X145. Interlocking Directorships and/or Officerships.
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a. Interlocking directorships.
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1) Except as may be authorized by the Monetary Board or as otherwise provided hereunder, there shall be no concurrent directorships between banks or between a bank and a QB OR AN NBFI.
SECTION 2. Section 4144Q.b (2) of the MORNBFI on interlocking directorships and officerships is hereby amended to read, as follows:
"Sec. 4144Q. Interlocking Directorships and/or Officerships.
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b. Interlocking directorships and officerships.
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2) Without the need for prior approval of the Monetary Board, concurrent directorship and officership shall be allowed IN THE FOLLOWING CASES:
A) BETWEEN A QB AND ONE (1) OR MORE...
