Rules and Regulations on Determination of Trust Fund as a Qualified Buyer

August 6, 2018SEC MEMORANDUM CIRCULAR NO. 10-18TO :All Concerned   SUBJECT :Rules and Regulations on Determination of Trust Fund as a Qualified Buyer SECTION 1. Coverage. —These Rules shall apply to unit investment trust funds ("UITFs") and other funds managed by persons authorized by the Bangko Sentral ng Pilipinas ("BSP") to engage in trust functions or investment management activities ("IMA") and not enumerated in SRC Sec. 10.1 (I). SECTION 2. Qualification of Trust Funds as Qualified Buyers. —2.1 UITFs that are established in accordance with rules and regulations of the BSP are deemed qualified buyers.2.2 A fund established and covered by a trust or IMA agreement under a discretionary arrangement, as expressly stipulated, shall be considered a qualified buyer; provided that, the entity managing said fund is authorized by the BSP to engage in trust and/or IMA functions; and provided also that, the entity strictly adheres to the standards in the administration of the fund as required by BSP. A discretionary arrangement means that the entity managing the fund is granted authority to decide on the...