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(NAR) VOL. 20 NO.1 / JANUARY – MARCH 2009
[ BSP CIRCULAR NO. 646, S. OF 2009, February 23, 2009 ]
INTERLOCKING DIRECTORSHIPS AND/OR OFFICERSHIPS
SECTION 1 . Section X145.a(1) of the MORB on interlocking directorships is hereby amended to read, as follows:
“Sec. X145 Interlocking Directorships and/or Officerships.
x x x
a. Interlocking directorships. x x x
1 ) Except as may be authorized by the Monetary Board or as otherwise provided hereunder, there shall be no concurrent directorships between banks or between a bank and a QB OR AN NBFI.
SECTION 2 . Section 4144Q.b(2) of the MORNBFI on interlocking directorships and officerships is hereby amended to read, as follows:
“Sec. 4144Q Interlocking Directorships and/or Officerships.
x x x
b.Interlocking directorships and officerships.
x x x
2) Without the need for prior approval of the Monetary Board, concurrent directorship and officership shall be allowed IN THE FOLLOWING CASES:
A) BETWEEN A QB AND ONE (1) OR MORE OF ITS SUBSIDIARY QB/s AND NBFI/s;
B) BETWEEN A QB, OTHER THAN AN INVESTMENT HOUSE AND ONE (1) OR MORE OF ITS SUBSIDIARY BANKS, QBIs AND NBFI/s, OTHER THAN INVESTMENT HOUSE/s, AND
c) between a bank and one (1) or more of its subsidiary bank/s, QB/s, and NBFls, other than investment house/s”.
This Circular shall take effect fifteen (15) calendar days following its publication either in the Official Gazette or in a newspaper of general circulation.
Adopted: 23 Feb. 2009
FOR THE MONETARY BOARD
(SGD.) AMANDO M. TETANGCO, JR.
Governor