Philippines

Securities / Derivatives

Philippine SEC Issues New Corporate Governance Code

By Editors | 10/01/2020

The new code comes into effect on 12 January, and gives public companies and registered issuers 6 months to submit a new manual on corporate governance.

Fintech / Regtech

Philippine Lawmaker Proposes Regulatory Framework for Virtual Banks

By Editors | 08/01/2020

The bill proposes that the BSP grant five virtual bank licences every year for at least five years, and to allow both financial and non-financial firms to apply.

BSP Revises Disqualification Rules for Bank Directors, Officers

By Editors | 07/01/2020

Bankers can be disqualified and placed on a watchlist for causing undue injury, material loss or damage to a bank, or for exposing it to higher risk or danger.

Philippines Adopts Guidelines for Bank Reporting of Intraday Liquidity

By Editors | 07/01/2020

Universal banks, commercial banks and their subsidiary thrift banks and quasi-banks are required to submit the ‘report on intraday liquidity’ by end-June 2021, and every month thereafter.

Market Infrastructure

Philippines Approves Introductory Rules for Islamic Banking

By Editors | 06/01/2020

The BSP has released guidelines for the establishment of Islamic banks and Islamic banking units in the Philippines, along with a newly-approved Shari’ah governance framework.

Securities / Derivatives

Philippine SEC Approves Implementing Guidelines on Short Selling

By Editors | 06/01/2020

The new implementing guidelines address concerns over the effect of SBL and short selling transactions on trading participants’ books and records, error transactions, and capital adequacy.

Market Infrastructure

BSP Extends Registration Deadline for Payment System Operators

By Editors | 30/12/2019

Existing payment system operators were given until 1 January to register with the BSP. This has been extended to 1 April 2020.

Capital / Liquidity

Philippine Bourse Seeks Higher Capital Requirements for Brokers

By Editors | 26/12/2019

In the aftermath of a 700-million-peso stock theft, PSE president Ramon Monzon will reportedly propose to more than triple current capital requirements for older firms.

AML / KYC

BSP Probes Ten Banks Linked to Westpac AML Violations

By Editors | 19/12/2019

The banks received funds for their clients through the Bank of the Philippine Islands, which was the local partner of the Westpac money transfer service known as LitePay.