BSP Circular No. 891: Sales and Marketing Guidelines for Financial Products

TO: ALL RURAL BANKS
RE: SALES AND MARKETING GUIDELINES FOR FINANCIAL PRODUCTS

Dear Rural Bankers,

The Bangko Sentral ng Pilipinas through its Monetary Board Resolution No. 1811, dated 29 October 2015, approved the following guidelines governing the sales and marketing of financial products, which replaces the sales and marketing guidelines for derivatives under Appendix 26 of the Manual of Regulations for Banks (MORB) and Appendix Q-16 of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).

Section 1 of the circular reads “The contents of Appendix 26 of the MORB and Appendix Q-16 of the MORNBFI are hereby transferred to Section X661 of the MORB and Section 4661Q of the MORNBFI, respectively, and amended to read as follows…”

Section 2 states that Appendices 26 and 26a of the MORB and Appendices Q-16 and Q-16a of the MORNBFI are deleted.

The circular further states that BSFIs shall be given three (3) months from the effectivity of this circular to make appropriate changes in their sales and marketing policies, processes and materials in order to comply with the requirements.

To download full copy of the circular, please follow link: http://rbap.org/wp-content/uploads/2015/11/c891.pdf

Sincerely,

(SGD)
VICENTE R. MENDOZA
Executive Director