MORNBFI Vol. 1 - Planters Development Bank

§§ 4428Q - 4441Q.311.12.31trust, other fiduciary and IMAs promptlyand/or transfer all other accounts tosubstitute trustees, fiduciaries or investmentmanagers acceptable to the trustors,beneficiaries, principals or other parties ininterest: Provided, That where the trustee,fiduciary or investment manager is actingas such under appointment by a court, thereceiver shall proceed pursuant to theinstructions of said court.The guidelines on Receivership andliquidation proceedings of NBQBs areprovided in Appendix Q - 58 .(Circular No. 719 dated 06 May 2011)Sec. 4429Q Surrender of Trust orInvestment Management License. Any NBFIwhich has been authorized to engage in trustand other fiduciary business or in investmentmanagement activities and which intendsto surrender said authority shall file withthe BSP a certified copy of the resolution ofits board of directors manifesting suchintention. The appropriate department of theSES shall then conduct an examination ofthe institution’s trust, other fiduciarybusiness and investment managementactivities. If the institution is found to havesatisfactorily discharged its duties andresponsibilities as trustee, fiduciary orinvestment manager, and has provided forthe orderly closure or transfer of its trust,fiduciary or IMAs, the Monetary Board, onthe basis of the recommendation of theexamining department, shall order thewithdrawal of the institution’s authority toengage in trust and other fiduciarymanagement activities.Secs. 4430Q - 4440Q (Reserved)Sec. 4441Q Securities Custodianship andSecurities Registry Operations. Thefollowing rules and regulations shall governsecurities custodianship and securitiesregistry operations of QBs/trust entities.The guidelines to implement the deliveryby the seller of securities to the buyer or tohis designated third party custodian areshown in Appendix Q-38.Violation of any provision of the guidelines inAppendix Q-38 shall be subject to the sanctions/penalties under Subsec. 4441Q.29.(As amended by Circular No. 714 dated 10 March 2011,M-2007-002 dated 23 January 2007, M-2006- 009 dated 06 July2006, M 2006- 002 dated 05 June 2006 and Circular No. 524dated 31 March 2006)§ 4441Q.1 Statement of policy. It is thepolicy of the BSP to promote the protectionof investors in order to gain their confidenceand encourage their participation in thedevelopment of the domestic capital market.Therefore, the following rules andregulations are promulgated to enhancetransparency of securities transactions withthe end in view of protecting investors.§ 4441Q.2 Applicability of thisregulation. This regulation shall governsecurities custodianship and securitiesregistry operations of banks and NBFIs underBSP supervision. It shall cover all theirtransactions in securities as defined inSection 3 of the SRC, whether exempt orrequired to be registered with the SEC, thatare sold, borrowed, purchased, traded, heldunder custody or otherwise transacted in thePhilippines where at least one (1) of theparties is a bank or an NBFI under BSPsupervision. However, this regulation shallnot cover the operations of stock and transferagents duly registered with the SEC pursuantto the provisions of SRC Rule 36-4.1 andwhose only function is maintain the stockand transfer book for shares of stock.§ 4441Q.3 Prior Bangko Sentralapproval. QBs/trust entities may act assecurities custodian and/or registry onlyupon prior Monetary Board approval.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart IV - Page 41