June 23, 2006
BSP MEMORANDUM NO. M-2006-004
| TO | : | All Banks and Other BSP Supervised Financial Institutions |
| SUBJECT | : | Significant Time Lines Relative to the Implementation of R.A. No. 9182, also known as the "Special Purpose Vehicle Act", as amended by R.A. No. 9343. |
R. A. No. 9343, which amends R. A. No. 9182, also known as the "Special Purpose Vehicle (SPV) Act", was signed into law on 24 April 2006. Based on the information provided by the Securities and Exchange Commission (SEC), R. A. No. 9343 was published on 29 April 2006, hence, it became effective on 14 May 2006.
The following are the significant time lines relative to the implementation of R.A. No. 9182 as amended by R. A. No. 9343:
a. Filing of Applications with the SEC for Establishing an SPV
Under Section 6 of R. A. No. 9182 as amended by R. A. No. 9343, applications for the establishment and registration of an SPV shall be filed with the SEC within eighteen (18) months from the effectivity of the amendatory Act or from 14 May...
