Regulatory Alerts2025-11-28
Circular No. 1224: Amendments to Regulations on Definition of Financial Intermediaries, Issuance of Bonds and Commercial Papers, and Borrowings
Bangko Sentral ng Pilipinas issued Circular No. 1224 to amend the Manual of Regulations for Banks and Non-Bank Financial Institutions regarding the definition of financial intermediaries and the issuance of bonds and commercial papers. The circular establishes a new definition for financial intermediaries, exempts qualifying banks and quasi-banks from prior BSP approval for debt security issuances subject to Securities and Exchange Commission rules, and mandates specific notification and compliance procedures. Additionally, the amendments clarify that borrowings from these entities are not considered deposit substitutes and include a transitory provision for existing lender relationships.
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