MORNBFI Vol. 1 - Planters Development Bank

APP. Q-808.12.31respect to private development banks inconnection with their rediscountingprivileges, and financial intermediarieswith quasi-banking functions;g. Evidence of indebtedness, thetotal outstanding amount of which doesnot exceed P15.0 million and issued tonot more than fifteen (15) primarylenders other than those mentioned insubsection (f) above, which evidence ofindebtedness shall be payable to specificpersons, and not to bearers, and shallneither be negotiated nor assigned butheld on to maturity: Provided, That theaggregate amount of P15.0 million shallinclude outstanding short-termcommercial papers: Provided, further,That in reckoning compliance with thenumber of primary lenders under thisSection, holders of such papers exemptunder Sec. 4(f) of the Rules onRegistration of Short-Term CommercialPapers, as amended, shall be counted:Provided, furthermore, That such issuershall:1) File (1) a disclosure statement priorto the issuance of any evidence ofindebtedness; and (2) a quarterly report onsuch borrowings in the forms prescribedby the SEC; and2) Indicate in bold letters on theface of the instrument the words"NON-NEGOTIABLE, NON-ASSIGNABLE":and Provided, finally, That any issuer, inaccordance with the Rules on Registrationof Long-Term Commercial Papers andBonds dated 15 October 1976 and withoutstanding long-term commercial papersfalling under this subsection as of theeffectivity date hereof, shall likewise filethe prescribed disclosure statementand the quarterly report on suchborrowings;h. Evidence of indebtednessdenominated in foreign currencies; andi. Evidence of indebtedness arisingfrom bona fide sale of goods or property.Sec. 8. Other Long-Term CommercialPapers Exempt from Registration. Thefollowing long-term commercial papersshall be exempt from registration underSecs. 3 and 4 hereof, but shall be subjectto the payment of the exemption fee, asprescribed under Section 14, and to thereportorial requirements under Section 15of these Rules:a. Long-term commercial papersissued by a financial intermediaryauthorized by the BSP to engage in quasibankingfunctions;b. Long-term commercial papersfully secured by debt instruments of theNational Government and the BSP andphysically delivered to the trustee in theTrust Indenture.Sec. 9. Prohibitionsa. No long-term commercial papersshall be issued, or negotiated or assignedunless the requirements of these Rules shallhave been complied with: Provided, Thatno registered long-term commercial paperissuer may issue long-term commercialpaper exempt per se under Section 7(g)hereof.b. There shall be no preterminationof long-term commercial papers either bythe issuer or the lender within 730 daysfrom issue date. Pretermination shallinclude optional redemption, partialinstallments, and amortization payments;however, installment and amortizationpayments may be allowed, if so stipulatedin the loan agreement.Sec. 10. Compliance with BangkoSentral Quasi-Banking RequirementsNothing in these Rules shall be construedas an exemption from, or a waiver of, theapplicable BSP rules and regulationsgoverning the performance of quasibankingfunctions. Any violation of saidBSP rules and regulations shall beconsidered a violation of these Rules.Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsAppendix Q-8 - Page 5