MORNBFI Vol. 1 - Planters Development Bank

§§ 4441Q.9 - 4441Q.1311.12.31with the standards set under this Subsectiondrawn or prepared by the parent companyowning more than fifty percent (50%) of thecapital stock of the purchaser and executedby the purchaser itself and its custodian.Purchases by non-residents andinsurance companies that are exemptedfrom the independence requirement of thisSection shall, however, be subject to allother provisions of this Subsection.§ 4441Q.10 Registry of scriplesssecurities of the Bureau of the TreasuryThe Registry of Scripless Securities (RoSS),operated by the Bureau of the Treasury,which is acting as a registry for governmentsecurities is deemed to be automaticallyaccredited for purposes of this Section andis likewise exempted from theindependence requirement under Subsec.4441Q.9. However, securities registeredunder the RoSS shall only be considereddelivered if said securities were transferredby means of book entry to the appropriatesecurities account of the purchaser or hisdesignated custodian. Book entry transferto a sub-account for clients under theprimary account of the seller shall notconstitute delivery for purposes of thisSection and of Subsec. 4235Q.5.§ 4441Q.11 Confidentiality. A BSPaccreditedsecurities custodian/registry shallnot disclose to any unauthorized person anyinformation relative to the securities underits custodianship/registry. The managementshall likewise ensure the confidentiality ofclient accounts of the custody or registryunit from other units within the sameorganization.§ 4441Q.12 Compliance with antimoneylaundering laws/regulations. Forpurposes of compliance with therequirements of R.A. No. 9160,otherwise known as the “Anti-MoneyLaundering Act of 2001,” as amended,particularly the provisions regardingcustomer identification, record keeping andreporting of suspicious transactions,a BSP-accredited custodian may rely onreferral by the seller/issuer of securities:Provided, That it maintains a record of suchreferral together with the minimumidentification, information/documentsrequired under the law and its implementingrules and regulations.A BSP-accredited custodian mustmaintain accounts only in the true and fullname of the owners of the security.However, said securities owners may beidentified by number or code in reports andcorrespondences to keep his identityconfidential.Securities subject of pledge and/or deedof assignment as of 14 October 2004 (dateof Circular 457), may be held by a lendingQB up to the original maturity of the loanor full payment thereof, whichever comesearlier.§ 4441Q.13 Basic security depositSecurities held under custodianship whetherbooked in the Trust Department or carriedin the regular books of the QB/trust entityshall be subject to a security deposit forfaithful performance of duties at the rate of1/25 of one percent (1%) of the total facevalue or 500,000 whichever is higher.However, securities held undercustodianship where the custodian alsoperforms securities lending as agent shallbe subject to a higher basic securitydeposit of one percent (1%) of the totalface value.Compliance shall be in the form ofgovernment securities deposited with theBSP eligible pursuant to existing regulationsgoverning security for the faithfulperformance of trust and other fiduciarybusiness.(As amended by Circular No. 714 dated 10 March 2011)Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart IV - Page 45