This is to inform all our partners and friends on the recent amendments on Sections X401, x403, X406.3 and x406. 4 the Manual of Regulations for Banks, in accordance with Resolution No. 1325 of the Monetary Board, the aim of which is to strengthen Corporate Governance and Risk Management Practices on Trust, other Fiduciary Business and Investment Management Activities.
For Section X401, also known as the Statement of Principles, the changes are on the policies directed towards the observance of the following:
a. Prudent Administration
b. Undivided loyalty and utmost care
c. Non-delegation of Responsibilities
d. Preserving and Protecting Property
e. Keeping and rendering accounts
Other amendments are on the composition of the Trust Committee and Qualifications of Committee members (Subsection X406.2 and X406.3 respectively), definitions and responsibilities of administration.
To know more about these amendments, we encourage all to download the BSP Circular by clicking the attached link: c766
For your information and guidance. Thank you.