MORNBFI Vol. 1 - Planters Development Bank

§§ 4406Q.4 - 4407Q11.12.31The board of directors may, by actionduly entered in the minutes, delegate itsauthority for the acceptance, termination,closure or management of trust and otherfiduciary accounts to the trust committee orto the trust officer, subject to certainguidelines approved by the board.b. Trust Committee. The trustcommittee duly constituted and authorizedby the board of directors shall act withinthe sphere of authority which may beprovided in the by-laws and/or as may bedelegated by the board, such as, but notlimited to, the following:(1) The acceptance and closing of trustand other fiduciary accounts;(2) The initial review of assets placedunder the trustee’s or fiduciary’s custody;(3) The investment, reinvestment anddisposition of funds or property;(4) The review and approval oftransactions between trust and/or fiduciaryaccounts; and(5) The review of trust and otherfiduciary accounts at least once everytwelve (12) months to determine theadvisability of retaining or disposing of thetrust or fiduciary assets, and/or whether theaccount is being managed in accordancewith the instrument creating the trust orother fiduciary relationship.For this purpose, the trust committeeshall meet whenever necessary and keepminutes of its actions and make periodicreports thereon to the board.c. Trust Officer. The trust officerdesignated by the board of directors as headof the Trust Department shall act andrepresent the institution in all trust and otherfiduciary matters within the sphere of hisauthority as may be provided in the by-lawsor as may be delegated by the board. Hisresponsibilities shall include, but need notbe limited to, the following:(1) The administration of trust and otherfiduciary accounts;(2) The implementation of policies andinstructions of the board of directors and the trustcommittee;(3) The submission of reports on matterswhich require the attention of the trust committeeand the board of directors;(4) The maintenance of adequate books,records and files for each trust or other fiduciaryaccount; and(5) The maintenance of necessary controls andmeasures to protect assets under his custody andheld in trust or other fiduciary capacity.§ 4406Q.5 - 4406Q.8 (Reserved)§ 4406Q.9 Outsourcing services in trustdepartments. Trust departments of QBsperforming trust and other fiduciary business andinvestment management activities are coveredby the requirement of prior BSP approval foroutsourcing services under Appendix Q-37.(M-2007-009 dated 22 March 2007)§ 4406Q.10 Approval of the appointment/designation of trust officers. Regardless of rank,the appointment/designation of trust officersshall require prior approval of the MonetaryBoard. The bio-data of the proposed trust officersshall be submitted to the appropriate departmentof the SES.The appointment/designation of allincumbent trust officers not previouslyapproved/confirmed by the Monetary Boardshall be submitted, within six (6) months from24 September 2009, to the BSP, through theappropriate department of the SES, for approval.The documentary requirements on theapproval of the appointment of trust officers ofNBQBs are listed in Appendix Q-57.(CL-2011-045 dated 01 July 2011 and Circular No. 665 dated 04September 2009)Sec. 4407Q Non-Trust, Non-Fiduciary and/orNon-Investment Management Activities. Thebasic characteristic of trust, otherfiduciary and investment managementrelationship is the absolute non-existenceQ RegulationsPart IV - Page 12Manual of Regulations for Non-Bank Financial Institutions