Regulatory Alerts2025-07-16
Circular No. 1216: Amendments to the Regulations on Disqualification of Directors and Officers
Bangko Sentral ng Pilipinas issued Circular No. 1216 to amend the disqualification provisions for directors and officers in the Manual of Regulations for Banks and the Manual of Regulations for Non-Bank Financial Institutions. The amendments formally include persons who voluntarily submit irrevocable commitments to permanently inhibit themselves from participating in the ownership or management of BSP-supervised institutions in the permanent disqualification category. Additionally, the Office of the General Counsel and Legal Services is mandated to recommend permanent disqualification and inclusion in the Disqualification File for individuals convicted of banking law violations or crimes involving dishonesty and breach of trust.
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