AMENDMENT OF SUBSECTION X169.11 OF THE MANUAL OF REGULATIONS FOR BANKS
National Administrative Register August 24, 2007 [ BSP CIRCULAR NO. 586, S. OF 2007, October 16, 2007 ]
Pursuant to Monetary Board Resolution No. 940 dated 24 August 2007, the Manual of Regulations for Banks (MORB) is hereby amended, as follows:
Section 1. Subsec. X169.11 Other banking services for subsidiaries, affiliates and related companies of the MORB is hereby amended to read, as follows:
“A bank may be authorized, upon prior Monetary Board approval, to render the following services in favor of subsidiaries, affiliates and companies related to it by at least 5% common ownership:
xxx;
s. Legal and compliance services.
xxx.”
This Circular shall take effect fifteen (15) days after publication in the Official Gazette or in a newspaper of general circulation.
Adopted: 16 Oct. 2007
FOR THE MONETARY BOARD:
(SGD.) NESTOR A. ESPENILLA, JR.
Officer-in-Charge