QuestionsQuestions (BSP CIRCULAR NO. 362)
It provides that the grounds for disqualification and the procedures for watchlisting erring directors/officers/employees under BSP Circular No. 296 (Sept. 17, 2001) for banks, quasi-banks, and trust entities shall also apply to all other institutions under BSP supervision and regulation—except for the seminar-attendance disqualification ground.
It is based on Monetary Board Resolution No. 1772 dated December 5, 2002 and it adopts the grounds and procedures under BSP Circular No. 296 dated September 17, 2001.
To all other institutions under the supervisory and regulatory powers of the BSP, beyond banks, quasi-banks, and trust entities covered by Circular No. 296.
The ground for disqualification due to failure to attend the required seminar for board of directors conducted or accredited by the BSP is excepted (i.e., not applied).
No. It adopts the grounds for disqualification and watchlisting procedures generally, but specifically excludes the disqualification ground related to failure to attend the required BSP board seminar.
BSP Circular No. 362 states that the grounds and watchlisting procedures under Circular No. 296 are the ones being extended to other BSP-supervised institutions, subject to the stated exception.
It refers to BSP listing/monitoring of individuals who have committed acts or violations that justify supervisory action, consistent with Circular No. 296’s procedures.
Errant/erring directors, officers, and employees of institutions under the BSP’s supervisory and regulatory powers.
It repeals existing rules and regulations that are inconsistent with these new rules.
It takes effect immediately.
They cannot rely on (or be penalized by) the specific disqualification ground of failure to attend the required BSP board seminar, because that ground is expressly excepted in Circular No. 362.
It demonstrates how BSP extends enforcement mechanisms (disqualification and watchlisting) from one set of regulated entities to others, while carving out a specific disqualification ground.
Yes, in general. BSP Circular No. 362 makes those watchlisting procedures applicable to all other institutions under BSP’s supervisory and regulatory powers, except for the seminar-attendance disqualification ground.
It authorizes the circular through Monetary Board Resolution No. 1772 dated December 5, 2002.
Rafael B. Buenaventura, Governor of the BSP.
A scenario asking whether BSP action is limited to naming individuals for monitoring (watchlisting) versus removing individuals from positions due to disqualification—since the circular treats both as connected but distinct mechanisms under Circular No. 296.