BANGKO SENTRAL NG PILIPINAS

Securities / Derivatives

BSP Excludes Market-making Activities from Single Borrower Limit

By Editors | 29/07/2020

Debt securities acquired by banks from market-making activities will be excluded from the single borrower’s limit computation for 90 calendar days from the time of acquisition.

Capital / Liquidity

BSP Cuts Reserve Requirements for Smaller Banks

By Editors | 21/07/2020

The move to lower the reserve requirement ratio for thrift, rural and cooperative banks will release an estimated $200mn into the economy.

AML / KYC

BSP to Promote Inclusion by Lowering Investment Account Minimum

By Editors | 15/07/2020

The BSP is considering lowering minimum amount a client must maintain in an investment account from ₱1mn to ₱100,000.

Fintech / Regtech

BSP Set to Issue Digital Bank Licensing Framework

By Editors | 07/07/2020

Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.

Securities / Derivatives

BSP On Course to Issue Central Bank Securities in Q3

By Editors | 05/07/2020

February 2019 amendments to the Central Bank Act restored the BSP’s authority to issue debt paper as part of its regular operations to manage liquidity and monetary policy.

Market Infrastructure

BSP Approves New Payment System Oversight Framework

By Editors | 02/07/2020

The BSP will be empowered to designate a payment system as systemically important, and replace its operator for a failure to satisfy regulatory obligations.

Capital / Liquidity

BSP Defers Adoption of New Supervisory Assessment Framework

By Editors | 30/06/2020

The six-month deferral is intended to give FIs more time to prepare for implementation, given the impact of the Covid-19 pandemic.

AML / KYC

UPDATED – Wirecard Fraud: A Timeline of Events

By Editors | 30/06/2020

Wirecard has filed for insolvency amid multiple probes. BaFin faces scrutiny for mishandling clear red flags. EY faces lawsuits for failing to catch the improprieties earlier.

Enforcement

BaFin Efficacy Called into Question for Wirecard Handling

By Manesh Samtani | 22/06/2020

Last February, BaFin responded to whistleblower allegations and critical media reports by banning short-selling in Wirecard and filing criminal charges against journalists.