Question & AnswerQ&A (BSP CIRCULAR LETTER)
The purpose is to facilitate the processing of amended Daily Foreign Exchange Position Reports and amended Daily Consolidated Foreign Exchange Position Reports by clearly indicating amendments and providing a list of accounts affected with corresponding changes.
The word "AMENDMENT" must be clearly indicated on the face of the report to alert that it is an amendment of a previously submitted report.
A list of the accounts affected by the amendment and the corresponding changes made on the amounts indicated in the original report must be submitted together with the amended report.
The forms referred to are the Daily Foreign Exchange Position Reports (FED Form 1, Schedule 15) and the Daily Consolidated Foreign Exchange Position Reports.
Late and/or incomplete submission of the Forex Position Reports, including the Consolidated Forex Position Report, are subject to fines and penalties as prescribed under Section 91 of CB Circular 1389, as amended.
Section 91 of CB Circular 1389, as amended, prescribes the fines and penalties for late and/or incomplete submission of Forex Position Reports.
The BSP Circular Letter was issued by Gregorio R. Suarez, Managing Director, BSS and Officer-In-Charge, FED.
It is important to clearly identify the changes made to specific accounts in order to accurately process and verify amendments to previously submitted reports.
The Circular governs the submission and amendment procedures of Daily Foreign Exchange Position Reports and Daily Consolidated Foreign Exchange Position Reports by concerned entities.
It ensures timely and accurate reporting of foreign exchange positions, allows proper monitoring by regulatory authorities, and enforces penalties to enhance compliance.