BSP Rules on Quasi-Banking Functions

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BSP CIRCULAR NO. 459: BSP Rules on Quasi-Banking Functions

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Title Supreme Court: BSP Rules on Quasi-Banking Functions

Law: Bsp Circular No. 459

Decision Date: Nov 11, 2004

BSP Circular No. 459 establishes the rules for banks and non-bank financial institutions to engage in quasi-banking functions, requiring a minimum capital of P650 million, compliance with risk management standards, and the appointment of independent directors, while providing a two-year grace period for existing institutions to meet these new capital requirements.

administrative law

banking regulations

quasi

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