MORNBFI Vol. 1 - Planters Development Bank

App. Q-5510.12.31In addition, the EMI should make surethe EMNSP have documented businesscontinuity plans in place and that said planis periodically reviewed and tested with nosignificant test findings. An EMNSP shallprovide the EMI with timely and adequatenotification on any adverse developmentthat may impact the former’s performanceand delivery of service to the EMI.VIII. EMI-Others intending to be anEMNSP. An EMI-Others that intend to bean EMNSP because of its specializedtechnical expertise shall comply with therequirements for an EMNSP. In addition,an EMI-Others shall undertake riskmitigatingmeasures to ensure that liquidassets, corresponding to the outstandingbalance of e-money issued by the EMI-Others and maintained pursuant to Sec.4780Q and Subsecs. 4780Q.1 to4780Q.7, be insulated from risks arisingfrom its liabilities as EMNSP. Thesemeasures may include ring fencing theliquid assets through an escrow or trustaccount in a financial institutionacceptable to BSP.IX. Sanctions. Violations committed byEMIs pertaining to outsourcing of activitiesto EMNSP shall be subject to monetarypenalties as graduated under AppendixQ-39 and/or other non-monetary sanctionsunder Section 37 of RA No. 7653.X. Transitory provisions. EMIs thatwere granted an authority to outsourcetheir e-money activities to an EMNSP maycontinue to exercise such authorityprovided that they have to conform to thisguidelines within a six (6)-month periodfrom 04 Novemeber 2010.(Circular No. 704 dated 22 December 2010)Manual of Regulations for Non-Bank Financial Institutions App. Q-55 - Page 3