MORNBFI Vol. 1 - Planters Development Bank

§§ 4410Q.6 - 4410Q.708.12.31Fund is not insured or governed by thePDIC; (3) due to the nature of theinvestment, yields and potential yieldscannot be guaranteed; (4) any loss/incomearising from market fluctuations and pricevolatility of the securities held by the UITFund, even if invested in governmentsecurities, is for the account of the client/participant; (5) as such, the units ofparticipation of the investor in the UIT Fund,when redeemed, may be worth more orbe worth less than his/her initial investmentcontributions; (6) historical performance,when presented, is purely for referencepurposes and is not a guarantee of similarfuture result; and (7) the trustee is not liablefor losses unless upon willful default, badfaith or gross negligence.j. Amount of fees/commission andother charges to be deducted from the fundThe amount of fees that shall be charged to afund shall cover the fund’s fair and equitableshare of the routine administrative expensesof the trustee such as salaries and wages,stationery and supplies, credit investigation,collateral appraisal, security, messengerialand janitorial services, EDP expenses, BSPsupervision fees and internal audit fees.However, the trustee may charge a UITFund for special expenses in case suchexpenses are (1) necessary to preserve orenhance the value of the fund, (2) payableto a third party covered by a separatecontract, and (3) disclosed to participants.The trustee shall secure prior BSP approvalfor outsourcing services provided underexisting regulations. No other fees shall becharged to the fund.Marketing or other promotional relatedexpenses shall be for the account of thetrustee and shall be presumed covered bythe trust fee.k. Such other matters as may benecessary or proper to define clearly therights of participants in the UIT Fund. Theprovisions of the Plan shall governparticipation in the fund including the rightsand benefits of persons having interest insuch participation, as beneficiaries orotherwise. The Plan may be amended bya resolution of the board of directors of thetrustee: Provided, however, Thatparticipants in the fund shall beimmediately notified of such amendmentsand shall be allowed to withdraw theirparticipations within a reasonable time butin no case less than thirty (30) calendar daysafter the amendments are approved, if theyare not in conformity with the amendmentsmade thereto: Provided further, Thatamendments to the Plan shall be submittedto the BSP within ten (10) business daysfrom approval of the amendments by theboard of directors. For purposes of imposingmonetary penalties provided under Subsec.4192Q.2 for delayed submission of reports,the amendments to the Plan shall beconsidered as “Category A-3” report. Theamendments shall be deemed approvedafter thirty (30) business days from date ofcompletion of requirements.A copy of the Plan shall be available atthe principal office of the trustee duringregular office hours, for inspection by anyperson having an interest in the fund or byhis authorized representative. Uponrequest, a copy of the Plan shall befurnished such interested person.(As amended by Circular No. 593 dated 08 January 2008)§ 4410Q.7 Minimum disclosurerequirementsa. Disclosure of UIT Fundinvestments. A list of prospective andoutstanding investment outlets shall bemade available by the trustee for thereview of all UIT Fund clients. Suchdisclosure shall be substantially in the formas shown in Appendix Q-34. The list ofinvestment outlets shall be updatedquarterly.b. Distribution of investment units Thetrustee may issue such conditions or rules,as may affect the distribution of investmentQ RegulationsPart IV - Page 24Manual of Regulations for Non-Bank Financial Institutions