QuestionsQuestions (BSP Circular No. 884)
The title is “Guideline on the Establishment and Operation of Trust Corporations.” It was adopted on 22 July 2015 and dated 22 July 2015.
It provides the guideline on the establishment and operation of trust corporations, to be incorporated in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) as the Regulations Governing Trust Corporations.
The Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), specifically under the “Regulations Governing Trust Corporations.”
It supersedes Part Nine (Sections 4901.N-4999N and Appendix N-9) of the MORNBFI-N regulations governing stand-alone trust corporations.
It means the guideline becomes part of the BSP’s consolidated regulatory framework for non-bank financial institutions, specifically the rules applicable to trust corporations.
Resolution Nos. 945 (11 June 2015), 961.A (18 June 2015), and 1091 (9 July 2015).
Fifteen (15) days following its publication in the Official Gazette or in any newspaper of general circulation in the Philippines.
It sets the effective date for enforceability; until the 15-day period after publication lapses, the circular is not yet fully effective.
Amando M. Tetangco, Jr., then Governor of the BSP, as shown by the signature line.
It supersedes the sections and appendix in the MORNBFI-N regulations that previously governed stand-alone trust corporations.
It indicates that the circular sets standards/rules both for creating (establishment) and for how trust corporations should function (operation).
The Monetary Board approves the attached guideline through the cited Resolution Nos. 945, 961.A, and 1091.
The circular is adopted by the BSP and incorporated into the MORNBFI as the “Regulations Governing Trust Corporations.”
Publication in the Official Gazette or in any newspaper of general circulation in the Philippines.
Because superseding language determines which prior regulations are no longer controlling, affecting compliance obligations and interpretation of current rules.
It notes that the “Text [is] Available at Office of the National Administrative Register, U.P. Law Complex, Diliman, Quezon City.”