MORNBFI Vol. 1 - Planters Development Bank

§§ 4931Q.5 - 4999Q08.12.31(1) Failure to maintain compliance withthe requirements under Subsec. 4657Q.2or any willful misrepresentation in theinformation/documents required underSubsec. 4657Q.3;(2) Involvement in illegal activitiessuch as ratings blackmail; creation of a falsemarket or insider trading; divulging anyconfidential information about a clientwithout prior consent to a third partywithout legitimate interest; indulging inunfair competition (i.e., luring clients ofanother rating agency by assuring higherratings, etc.); and(3) Any violation of applicable laws,rules and regulations.b. Procedure for derecognition. ACRA shall only be derecognized upon priornotice and after being given theopportunity to defend itself.§ 4931Q.6 (2008 - 4657Q.6) Recognitionof PhilRatings as domestic credit ratingagency for bank supervisory purposesCredit ratings assigned by Philippine RatingServices Corporation (PhilRatings) may beused, among others, for determiningappropriate risk weights in ascertainingcompliance with existing rules andregulations on risk-based capitalrequirements.Sec. 4932Q (2008 - 4659Q) InternationallyAccepted Credit Rating AgenciesInternationally accepted CRAs arerecognized for bank supervisory purposesto undertake local and national ratings:Provided, That said CRAs shall have at leasta representative office in the Philippines.Accordingly, credit ratings assigned bysaid CRAs may be used, among others, asbasis for determining appropriate riskweights in ascertaining compliance withexisting rules and regulations on risk-basedcapital requirements.Sec. 4933Q (2008 - 4659Q.6) Recognitionof Fitch Singapore Pte Ltd as InternationalCredit Rating Agency for BankSupervisory Purposes. The national ordomestic credit ratings of Fitch SingaporePte Ltd., a BSP-recognized internationalCRA with representative office in thePhilippines, is hereby recognized by theBSP for bank supervisory purposes.Accordingly, national or domestic creditratings assigned by Fitch Singapore PteLtd. may be used, among others, as basisfor determining appropriate risk weightsin ascertaining compliance with existingrules and regulations on risk-based capitalrequirements.Secs. 4934Q - 4998Q (Reserved)D. GENERAL PROVISION ONSANCTIONSSec. 4999Q (2008 - 4199Q) GeneralProvision on Sanctions. Unless otherwiseprovided, any violation of the provisionsof this Part shall be subject to Sections 36and 37 of R.A. No. 7653.The guidelines for the imposition ofmonetary penalty for violations/offenseswith sanctions falling under Section 37 ofR.A. No. 7653 on QBs, their directors and/or officers are shown in Appendix Q-39.Manual of Regulations for Non-Bank Financial Institutions Q RegulationsPart IX- Page 7