MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2108.12.31the BTR and BSP to credit the depositaccount of BSP-SES with BSP-Accountingfor the redemption proceeds of securitiesthat mature while in the BSP-SES RoSSaccount.A trust institution with a DDA with BSP-Accounting shall use Annex 2-A while a trustinstitution with a settlement arrangementshall use Annex 2-B.5. BSP-SES shall open a depositaccount with BSP-Accounting where theredemption value of securities shall becredited, in the event such securitiesmature while lodged in the RoSS accountof BSP-SES.6. SRSO shall be responsible forkeeping track of the deposit and withdrawalof securities held under the BSP-SESPrincipal Securities Account and the ClientSecurities Accounts of the trust institutions.SRSO shall instruct BTr to transfer securitiesout of the BSP-SES account and thecorresponding client securities accounts oftrust institutions only after receivingauthorization from the Director (or in hisabsence, the designated alternate officer)of the appropriate department of the SES.SRSO shall also be responsible forkeeping track of the BSP-SES depositaccount with the BSP-Accountingrepresenting credits for the redemptionvalue of security deposit of trust institutionsthat have matured while in the RoSSaccount of BSP-SES. SRSO shall maintainsub-accounts for each trust institution for thepurpose. SRSO shall instruct BSP-Accounting to transfer balances out of thedeposit account and the corresponding subaccountof the trust institution only afterreceiving authorization from the Director(or in his absence, the designated alternateofficer) of the appropriate department of theSES.7. BSP-SES shall subscribe to theTelerate electronic trading system whichis linked to BTr’s RoSS and cause theinstallation of a Telerate terminal at SRSO.Trust institutions may be required toreimburse BSP-SES for whatever expensesthat may be incurred in connection withthe subscription.8. Every trust institution must ensurethat it has adequate security deposit for trustduties pursuant to the provisions of Subsecs.4405Q.1, 4405Q.2, 4405Q.3 and 4405Q.4of the MOR.9. BTr shall provide BSP-SES with theend-of-day transaction report whenever atransaction in any client securities accountis made. BTr shall also provide BSP-SES amonthly report of balances of each clientsecurities account.10. Every quarter, the responsible SEDof BSP-SES shall determine, based on theReport of Trust and Other FiduciaryBusiness and Investment ManagementActivities (BSP 7-26-23) submitted by thetrust institution, whether or not the trustinstitution’s security deposit for trust dutiesis sufficient pursuant to the provisions ofthe MOR mentioned above. In case ofdeficiency, the department shallrecommend the imposition of sanctionsand/or any other appropriate action tohigher authorities.B. Procedures for Assigning RoSSSecurities as Security Deposit for TrustDuties1. The trust institution shall advise theappropriate BSP-SES department that it willtransfer RoSS securities to BSP-SES. Theadvice should be received by the BSP-SESat least two (2) business days before the dateof transfer using the prescribed form (Annex3) and checking Box “b” of said form. (Box“a” shall be checked by a new trust institutionthat is making an initial security depositpursuant to Subsec. 4404Q.4 of the MOR.)The advice should be sent by cc mail or byfax to be followed by an official letter dulysigned by an authorized trust officer.2. The trust institution shallelectronically instruct BTr to transferQ RegulationsAppendix Q-21 - Page 2Manual of Regulations for Non-Bank Financial Institutions