This is regarding the recently issued Circular 756 on the granting of Full Trust License and Investment Management Authority, please take note of the following amendments on X414.1 and X414.2 (d), or on the subsections on Required Capital and Prerequisites for engaging in investment management activities of the Manual on Regulations for Banks.
The modifications are as follows:
Subsection X414.1 Required Capital
Banks applying for authority to perform investment management activities must have minimum capital accounts of not less than 300 million or such amount as may be required by the BSP.
As for Subsection X414.2 Prerequisites for engaging in investment management
A bank before it may engage in management activities shall comply with item d, which states that the applicant shall also meet the additional requirements under Subsection X404.3 d to m. “Compliance with the foregoing as well as with other requirements under existing regulations shall be maintained up to the time the investment management authority is granted. A bak that fails in this respect shall be required to show compliance for another test period of the same duration.
To view the full circular, please click the attached link: c756
This circular will take effect 15 days after its publication in the Official Gazette or any national broadsheet.