Circular No. 1216: Amendments to the Regulations on Disqualification of Directors and Officers

BANGKO SENTRAL NG PILIPINAS
OFFICE OF THE GOVERNOR
CIRCULAR NO.
Series of 2025
Subject: Amendments to the Regulations on Disqualification of Directors and Officers The Monetary Board, in its Resolution No. 518 dated 22 May 2025, approved the following amendments to the provisions of the Manual of Regulations for Banks (MORB) and the Manual of Flegulations for Non-Bank Financial Institutions (MORNBFI ):
Section '1. Section 138 of the MORB on Disqualification and Watchlisting of
Directors and Officers shall be amended to read. as follows:
"Xxx a. Permanently Disqualified
Xxx
(9) Persons who voluntarily submitted an irrevocable sworn written commitment to perpetually inhibit themselves from participating in the ownership whether directly or indirectly, and/or management, in whatever capacj-ty, of any BSP-supervised financial institution. Xxx Disqualification procedures. All directors/officers who are considered disqualified under this Section shall be subject to the disqualification procedures provided herein. Disqualified persons shall be included in the Bangko Sentral Watchlist Files 'Xxx j. In cases initiated by the Bangko Sentral which resulted in conviction by final judgment of a court for violation of banking laws, rules and regulations, and of fenses involving dishonesty or breach of trust, ds enumerated under Sect.ion 138 (a) (1) - Persons Disqualified to become directors/officers (Permanently Disqualified) of the MORB, theOfficeofthe General Counsel and Legal Services (OGCLS) shall recommend to the Monetary Board the permanent disqualification of said person and his/her name shall be included in the Disqualification File 'Au (Permanent) upon approval of the Monetary Board. Xxx"
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Section 2. Section 137-Q of the MORNBFI on Disqualification and Watchlisting
of Directors and Officers shall be amended to read, as follows:
2(xx a. PermanentlyDisqualified
Xxx
(9) Persons who voluntarily submitted an irrevocable sworn written commitment to perpetually inhibit themselves from partlcj-pating in the ownership whether directly or indirectly, and/or management, in whatever capacj-ty, of any BSP-supervised financial institution. Disqualification procedutes. All directors/officers who are considered disqualified under this Section (Persons disqualifred to become directorc/officers)shall be subject to the disqualification procedures provided under this Section. Disqualified persons shall be included in the Bangko Sentral Watchlist Files )(xx j. In cases initiated by the Bangko Sentral which resulted in conviction by final judgment of a court for violation of banking laws, rules and regulations, and of fenses involving dishonesty or breach of trust, as enumerated under Section 137-Q(a) (1) - Persons Disqualified to become directors/officers (Permanently Disqualified) of the MORNBFf , theOfficeofthe General Counsel and Legal Services (OGCLS) shall recommend to the Monetary Board the permanent disqualification of said person and his/her name shall be included in the Disqualification File Ao (Permanent) upon approvalof the Monetary Board. Xxx" This Circular shalltake effect within fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation. FOR THE MONETARY BOARD:
,/t (-
ELI M. REMOIONA. ]R.
Governor leJuly zo25
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