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    Senrnll: Subject

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    GilbertGalope
    The Monetary Board approved an amendment to regulations on reserves against trust and other fiduciary accounts (TOFA) - Others. The amendment exempts certain accounts like administratorship, trust under indenture, and pre-need plans from reserve requirements. The Circular detailing this amendment will take effect 15 days after publication in the Official Gazette or a newspaper.

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    Senrnll: Subject

    Uploaded by

    GilbertGalope
    31 views1 page
    The Monetary Board approved an amendment to regulations on reserves against trust and other fiduciary accounts (TOFA) - Others. The amendment exempts certain accounts like administratorship, trust under indenture, and pre-need plans from reserve requirements. The Circular detailing this amendment will take effect 15 days after publication in the Official Gazette or a newspaper.

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    c1025

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    The Monetary Board approved an amendment to regulations on reserves against trust and other fiduciary accounts (TOFA) - Others. The amendment exempts certain accounts like administratorship, trust under indenture, and pre-need plans from reserve requirements. The Circular detailing this amendment will take effect 15 days after publication in the Official Gazette or a newspaper.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    31 views1 page

    Senrnll: Subject

    Uploaded by

    GilbertGalope
    The Monetary Board approved an amendment to regulations on reserves against trust and other fiduciary accounts (TOFA) - Others. The amendment exempts certain accounts like administratorship, trust under indenture, and pre-need plans from reserve requirements. The Circular detailing this amendment will take effect 15 days after publication in the Official Gazette or a newspaper.

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    BANoKo Senrnll No prrrplNAs

    OFFICE OF THE GOVERNOR

    ctRcurAR No. 1025


    Series of 2018

    subject: Amendment to Regulations on Reserves Against ToFA-others

    The Monetary Board, in its Resolution No. L955 dated 22 November 2OLB,
    approved the following amendment to Subsection X4O5.S/4405e.5 of the Manual of
    Regulations for Banks (MORB)/Manual of Regulations for Non-Bank Financial lnstitutions
    (MORNBFt).

    Section 1. Subsection X405.5/4405Q.5 of the MoRB/MoRNBFt is hereby amended


    to read as follows:

    "SubsectionX4o5.5l4405Q.5. Reserues ogainst trust and other fiduciory occounts


    (TOFA) - Others.

    In addition to the basic security deposit, banks/institutions authorized to


    engage in trust and other fiduciary business shall maintain reserves on TOFA
    -
    others, except accounts held under (1) Administratorship; (21 Trust Under
    Indenture; (3) Custodianship and Safekeeping; (4) Depository and Reorganization;
    (5) Employee Benefit Plans under Trust; (6) Escrow; (71 personal Trust
    (testamentary trust); (8) Executorship; (9) Guardianship; (10) Life tnsurance Trusu
    (11) Pre-need Plans (institutional/individual); (12) Personal Equity and Retirement
    Account (PERA); (13) Legislated and Quasi-Judicial Trust; and (la) Specialized
    Institutional Accounts under Trust.

    xxx"

    Section 2. Effectivity. The Circular shall take effect 15 calendar days following its
    publication either in the Official Gazette or in a newspaper of general circulation.

    FOR THE MONETARY BOARD:

    EiSn-'n.FlpeNrLrA,
    Governor

    13 December 2018

    A. Mabini st., Malate 1004 Manila, Phitippines . (63217o8-77o1 . www.bsp.gov.ph . bspmail@bsp.gov.ph

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