(NAR) VOL. 15 NOS. 3-4 / OCTOBER - DECEMBER 2004
SECTION 1. Item c is hereby added to Section 9 and shall read as follows:"c. Upon approval by the Bangko Sentral ng Pilipinas (BSP), where the purchaser is an insurance company whose custody arrangement is either governed by a global custody agreement where the bank is designated as custodian or sub-custodian or by a direct custody agreement with features at par with the standards set under this circular drawn or prepared by the parent company owning more than fifty (50%) percent of the capital stock of the purchaser and executed by the purchaser itself and its custodian."
SECTION 2. The last paragraph of Section 9 is hereby amended to read as follows:"Purchases by non-residents and INSURANCE COMPANIES that are exempted from the independence requirement of this Section shall, however, be subject to all other provisions of this Circular."