MORNBFI Vol. 1 - Planters Development Bank

APP. Q-38b08.12.31Sec. 4. Settlement Bank. Whenever the Dealer is designated by the investor as his/itssettlement bank, it shall confirm receipt of payments from BTr intended for the investorand shall promptly and punctually credit the investor’s bank account all said relevant paymentson the securities. Upon the crediting of the regular demand deposit account of the Dealer withBSP for the applicable payments, the investor shall be considered as having been fully paid onhis/its securities and the Dealer shall then be responsible to the investor. The BTr, its officersand employees and agents shall not be made liable for any claim, liability, or responsibility fordamages or injury incurred by the investor on account of the Dealer’s failure to pay/credit theinvestor’s settlement account.Sec. 5. Compliance with Anti-Money Laundering Law. The Dealer shall be responsiblefor compliance with the requirements of Anti-Money Laundering Law and other bankinglaws, rules and regulations relative to reporting of suspicious accounts and deposits.Sec. 6. Limitation of Liability. The BTr, its officers, employees and agents shall not be held liablefor any claim, liability or responsibility for damages or injury incurred by the investor on accountof the loss of his/its securities holdings unless the loss or injury was caused by the act or omissionof the BTr. Likewise, the BTr, its officers, employees and agents shall be rendered free andharmless from any liability on account of effecting instruction/s transmitted by the Dealer tothe RoSS which the latter believed in good faith to have emanated from the Dealer.Sec. 7. Sanctions for Fraudulent Transactions. In case the Dealer commits any fraudulentact or transaction in connection with government securities or violates any of its undertakingsherein, the BTr shall have the right to impose administrative sanctions such as but notlimited to dis-accreditation and/or suspension of accreditation as a government securitieseligible dealer, and other administrative sanctions as may be prescribed by competentauthorities without prejudice to civil or criminal prosecution in accordance with law.Sec. 8. Amendment and Repeal. This agreement may be amended, modified or repealedby the parties in writing, by giving 30 days prior written notice.Sec. 9. Effectivity. This agreement shall take effect immediately.IN WITNESS WHEREOF, the parties have hereunto signed these presents this_____________________ at _____________________.BUREAU OF THE TREASURY[Dealer]By:By:______________________________________________Treasurer of the Philippines President & CEOSigned in the presence of:______________________________________________Q RegulationsAppendix Q-38b - Page 6Manual of Regulations for Non-Bank Financial Institutions