MORNBFI Vol. 1 - Planters Development Bank

§§ 4143Q.4 - 4143Q.508.12.31the first time but are subject to any of thegrounds for disqualification provided forunder Subsecs. 4143Q.1 and 4143Q.2,shall be afforded the procedural due processprescribed above.l. Whenever a director/trustee/officeris cleared in the process mentioned underItem “c” above or, when the ground fordisqualification ceases to exist, he/shewould be eligible to become director/trusteeor officer of any bank, QB, trust entity orany institution under the supervision of theBSP only upon prior approval by theMonetary Board. It shall be the responsibilityof the appropriate department of the SES toelevate to the Monetary Board the lifting ofthe disqualification of the concerneddirector/trustee/officer and his/her delistingfrom the masterlist of watchlisted persons.(As amended by Circular No. 584 dated 28 September 2007)§ 4143Q.5 Watchlisting. To provide theBSP with a central information file to be usedas reference in passing upon and reviewingthe qualifications of persons elected orappointed as director/trustee or officer of abank, QB or trust entity, the SES shallmaintain a watchlist of persons disqualifiedto be a director/trustee or officer of suchentities under its supervision under thefollowing procedures:a. Watchlist categories. Watchlistingshall be categorized as follows:(1) Disqualification File “A”(Permanent)- Directors/trustees/officers/employees permanently disqualified by theMonetary Board from holding a director/trustee/officer position.(2) Disqualification File “B”(Temporary)- Directors/trustees/officers/employees temporarily disqualified by theMonetary Board from holding a director/trustee/officer position.b. Inclusion of directors/trustees/officers/employees in the watchlist.Directors/trustees/officers/employeesdisqualified under Subsec. 4143Q.4included in the watchlist disqualificationfiles “A” or “B”.c. Confidentiality. Watchlist files shallbe for internal use only of the BSP and maynot be accessed or queried upon by outsideparties including banks, QBs and trustentities except with the authority of theperson concerned and with the approval ofthe Deputy Governor, SES or the Governoror the Monetary Board.BSP will disclose information on itswatchlist files only upon submission of aduly accomplished and notarizedauthorization from the concerned personand approval of such request by theDeputy Governor, SES or the Governor orthe Monetary Board. The prescribedauthorization form to be submitted to theconcerned department of SES is AppendixQ-45.QBs can gain access to information inthe said watchlist for the sole purpose ofscreening their applicants for hiring and/orconfirming their elected directors/trusteesand appointed officers. QBs must obtain thesaid authorization on an individual basis.d. Delisting. All delistings shall beapproved by the Monetary Board uponrecommendation of the operatingdepartments of SES except in cases ofpersons known to be dead where delistingshall be automatic upon proof of death andneed not be elevated to the Monetary Board.Delisting may be approved by the MonetaryBoard in the following cases:(1) Watchlist - Disqualification File “B”(Temporary)(a) After the lapse of the specific periodof disqualification;(b) When the conviction by the courtfor crimes involving dishonesty, breach ofManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart I - Page 39