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(NAR) VOL. 13 NOS. 1-2 / JANUARY-MARCH 2002
[ BSP CIRCULAR NO. 326, APRIL 3, 2002, April 03, 2002 ]
TRANSACTIONS BETWEEN BANK AND SUBSIDIARY AND AFFILIATE
Pursuant to Monetary Resolution No. 427 dated March 21, 2002, Section 2 of Circular No. 297 dated September 17, 2001 is hereby amended to read as follows:
"SECTION 2. Subsections X602.2 and 4603Q.2 are hereby amended to read as follows:
Subsection ____. Transactions between bank and subsidiary/AFFILIATE. — All derivatives transactions between banks/NBQBs/FIs and their subsidiaries/AFFILIATES (e.g. Forex Corporation) shall be with prior BSP approval."
This Circular shall take effect immediately.
Adopted: 3 April 2002
"SECTION 2. Subsections X602.2 and 4603Q.2 are hereby amended to read as follows:
Subsection ____. Transactions between bank and subsidiary/AFFILIATE. — All derivatives transactions between banks/NBQBs/FIs and their subsidiaries/AFFILIATES (e.g. Forex Corporation) shall be with prior BSP approval."
This Circular shall take effect immediately.
Adopted: 3 April 2002
(SGD.) RAFAEL B. BUENAVENTURA
Governor
Governor