Coverage and institutions governed
- BSP Circular No. 362 extends disqualification and watchlisting rules to all other institutions under the supervisory and regulatory powers of the BSP.
- The coverage includes erring directors/officers/employees of regulated entities falling under the BSP’s supervisory and regulatory authority.
- The circular incorporates the operative framework of Circular No. 296 dated September 17, 2001 for the included institutions.
- The circular applies to procedures for watchlisting and the grounds for disqualification affecting directors, officers, and employees of covered institutions.
Incorporated disqualification and watchlisting regime
- BSP Circular No. 362 provides that the grounds for disqualification and the procedures in the watchlisting under BSP Circular No. 296 dated September 17, 2001 shall also apply to institutions covered by BSP Circular No. 362.
- The rule applies the incorporated framework specifically to erring directors/officers/employees of covered institutions.
- BSP Circular No. 362 operates by adoption and extension of Circular No. 296 (September 17, 2001) rather than creating an independent disqualification-test scheme.
Mandatory exception: seminar attendance disqualification
- BSP Circular No. 362 excludes from applicability the ground for disqualification due to failure to attend the required seminar for board of directors conducted or accredited by the BSP.
- The seminar-attendance disqualification ground does not apply to the institutions and persons covered by the extension made in BSP Circular No. 362.
Repeal of inconsistent rules
- BSP Circular No. 362 repeals existing rules and regulations that are inconsistent with its provisions.
- The repeal is limited to rules and regulations that conflict with the extended disqualification and watchlisting regime under BSP Circular No. 362.