MORNBFI Vol. 1 - Planters Development Bank

APP. Q-2508.12.31Presidential Decree (P.D.) No. 612, asamended, including a reinsurancebusiness and doing or proposing to doany business in substance equivalent toany of the foregoing in a mannerdesigned to evade the provisions ofP.D. No. 612, as amended.(b) An insurance agent includes anyperson who solicits or obtains insuranceon behalf of any insurance company ortransmits for a person other than himselfan application for a policy or contract ofinsurance to or from such company oroffers or assumes to act in the negotiationof such insurance.(c) An insurance broker includes anyperson who acts or aids in any manner insoliciting, negotiating or procuring themaking of any insurance contract or inplacing risk or taking out insurance, onbehalf of an insured other than himself.(d) A professional reinsurer includesany person, partnership, association orcorporation that transacts solely andexclusively reinsurance business in thePhilippines, whether domestic,domestically incorporated or a branch ofa foreign entity. A contract of reinsuranceis one by which an insurer procures a thirdperson to insure him against loss orliability by reason of such originalinsurance.(e) A reinsurance broker includesany person who, not being a dulyauthorized agent, employee or officerof an insurer in which any reinsuranceis effected, acts or aids in any mannerin negotiating contracts of reinsuranceor placing risks of effecting reinsurance,for any insurance company authorizedto do business in the Philippines.(f) A holding company includes anyperson who directly or indirectly controlsany authorized insurer. A holdingcompany system includes a holdingcompany together with its controlledinsurers and controlled persons.Rule 3.a.3. (i) Securities dealers,brokers, salesmen, associated persons ofbrokers or dealers, investment houses,investment agents and consultants,trading advisors, and other entitiesmanaging securities or rendering similarservices, (ii) mutual funds or open-endinvestment companies, close-endinvestment companies, common trustfunds, pre-need companies or issuers andother similar entities; (iii) foreign exchangecorporations, money changers, moneypayment, remittance, and transfercompanies and other similar entities, and(iv) other entities administering orotherwise dealing in currency,commodities or financial derivatives basedthereon, valuable objects, cash substitutesand other similar monetary instruments orproperty supervised and/or regulated bythe Securities and Exchange Commission(SEC).(a) A securities broker includes aperson engaged in the business of buyingand selling securities for the account ofothers.(b) A securities dealer includes anyperson who buys and sells securities forhis/her account in the ordinary course ofbusiness.(c) A securities salesman includes anatural person, employed as such or as anagent, by a dealer, issuer or broker to buyand sell securities.(d) An associated person of a brokeror dealer includes an employee thereofwho directly exercises control orsupervisory authority, but does not includea salesman, or an agent or a person whosefunctions are solely clerical or ministerial.(e) An investment house includes anenterprise which engages or purports toengage, whether regularly or on anisolated basis, in the underwriting ofsecurities of another person or enterprise,including securities of the Governmentand its instrumentalities.Q RegulationsAppendix Q-25 - Page 2Manual of Regulations for Non-Bank Financial Institutions