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Securities / Derivatives
BSP Bars Bank Affiliates from Holding Bank-Issued Debt
By Editors | 12/02/2020
The prohibition is aimed at preventing related parties from obtaining undue advantage when transacting in debt instruments issued by affiliated banks.
Fintech / Regtech
Philippines, Indonesia Sign MOU on Payments, Digital Innovation
By Editors | 04/02/2020
The MOU aims to provide a framework for closer cooperation between the Philippine and Indonesian central banks to achieve enhance their payment systems and promote digital financial innovation.
Capital / Liquidity
BSP Proposes New Reporting Requirements for Conglomerate-run Banks
By Editors | 03/02/2020
Under draft rules, universal and commercial banks that are part of conglomerates will have to report information on all entities and assets in the conglomerate structure.
Fintech / Regtech
Singapore Fintech Awarded Philippine Licence to Operate Digital Bank
By Editors | 14/01/2020
TONIK Digital Bank will be the first “pure-play” digital bank in Southeast Asia, focusing on retail deposits and consumer loans.
Fintech / Regtech
Philippine Lawmaker Proposes Regulatory Framework for Virtual Banks
By Editors | 08/01/2020
The bill proposes that the BSP grant five virtual bank licences every year for at least five years, and to allow both financial and non-financial firms to apply.
BSP Revises Disqualification Rules for Bank Directors, Officers
By Editors | 07/01/2020
Bankers can be disqualified and placed on a watchlist for causing undue injury, material loss or damage to a bank, or for exposing it to higher risk or danger.
Philippines Adopts Guidelines for Bank Reporting of Intraday Liquidity
By Editors | 07/01/2020
Universal banks, commercial banks and their subsidiary thrift banks and quasi-banks are required to submit the ‘report on intraday liquidity’ by end-June 2021, and every month thereafter.
Market Infrastructure
BSP Extends Registration Deadline for Payment System Operators
By Editors | 30/12/2019
Existing payment system operators were given until 1 January to register with the BSP. This has been extended to 1 April 2020.
AML / KYC
BSP Probes Ten Banks Linked to Westpac AML Violations
By Editors | 19/12/2019
The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.
Securities / Derivatives
BSP Relaxes Requirements on Issuance of Debt Instruments
By Editors | 03/12/2019
Related companies of issuing banks are allowed to underwrite or arrange LTNCTDs, bonds and commercial papers, subject to certain conditions.
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