Exemption for NSSLAs with Total Resources of P10 Million or Less
- Such NSSLAs are no longer required to submit:
- Annual Report of Management to Members.
- Consolidated Annual Financial Statements of NSSLAs and their Allied Undertakings/Affiliates/Subsidiaries.
- Supporting individual financial statements of allied undertakings/affiliates/subsidiaries.
Deletion of Specific Reports for All NSSLAs
- The following reports are removed from mandatory submissions:
- CBP 7-26-02.2H a Consolidated Report of Investments in Loans and Discounts.
- Certification as to the Last Number of Board Resolution Adopted.
- Duplicate copies of Board of Directors Resolutions.
- Information required in Section 4161 N.a (now Section 4161 S.b) as addendum to Information Sheet.
Removal of Certain Reports Regardless of NSSLA Size
- Reports no longer required include:
- Bio-Data and Information Sheet submissions where no changes have occurred.
- Report on Crimes/Losses if the value is below the threshold: 0.5% of NSSLA's net worth or P50,000, whichever is lower.
- Report of Discrepancies of Accounts where discrepancies do not exceed 1% of NSSLA's net worth or P100,000, whichever is lower.
Legal Authority and Issuance
- Circular issued by the Bangko Sentral ng Pilipinas (BSP), signed by Governor Gabriel C. Singson.
- Issued on 1 June 1994 following the Monetary Board's approval.
- Represents regulatory relief aimed at reducing compliance burden on smaller and all NSSLAs in specified reporting areas.