Implementing place in BSP regulations
- The Guideline adopted by this Circular must be incorporated in the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
- The incorporated regulations are designated as the Regulations Governing Trust Corporations within the MORNBFI.
Supersession of prior trust corporation rules
- The Circular supersedes Part Nine (Sections 4901.N-4999N and Appendix N-9) of the MORNBFI-N Regulations governing stand-alone trust corporations.
- The superseded provisions are replaced by the Regulations Governing Trust Corporations incorporated into the MORNBFI by this Circular.
Monetary Board approval and adoption mechanics
- The Monetary Board adopts the attached Guideline for establishment and operation of trust corporations.
- The Circular explicitly states that the adopted Guideline shall be incorporated into the MORNBFI.
- The Circular is approved under the named Monetary Board resolutions dated 11 June 2015, 18 June 2015, and 9 July 2015.
Scope of the Circular’s operative coverage
- The Circular governs the establishment and operation of trust corporations through the Regulations Governing Trust Corporations to be incorporated in the MORNBFI.
- The Circular addresses stand-alone trust corporations by expressly superseding the prior MORNBFI-N provisions covering them.
- The Circular’s legal effect is triggered upon publication and completion of the 15-day effectivity period after publication.
Relation to publication and effect on regulated entities
- The Circular becomes effective 15 days after publication in either the Official Gazette or a newspaper of general circulation in the Philippines.
- The Circular’s effect applies to trust corporations once it becomes effective pursuant to its publication-based rule.
- The Circular’s regulatory coverage operates through incorporation into the MORNBFI as the governing regulations for trust corporations.