Regulatory Alerts2024-05-29
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Circular No. 1194: Amendments to Derivatives Regulations of Banks, Quasi-Banks and Trust Entities
Bangko Sentral ng Pilipinas issued Circular No. 1194 to amend the derivatives regulations for banks, quasi-banks, and trust corporations under the Manual of Regulations for Banks and Non-Bank Financial Institutions. The circular updates definitions of credit derivatives and FX instruments while clarifying generally authorized activities for universal, commercial, and digital banks acting as dealers or end-users. It also establishes notification requirements for banks and quasi-banks engaging in derivative variants, structured combinations, or products differing from their existing additional authorities.
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