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![handle is hein.journals/nadmr24 and id is 1 raw text is: NATIONAL ADMINISTRATIVE REGISTER
BANGK4 S#KTRAL NG PILIPINM]
Circular No. 775
Definition of Reasonable Period of Time Relative to the Requirement
on the Listing of Shares in the Philippine Stock Exchange (PSE) Under
Section 3 of Republic Act (R.A.) No. 7721 dated 18 May 1994
Adopted: 28 November 2012
Date Filed: 09 January 2013
The Monetary Board in its Resolution No. 1800 dated 30 October 2012
approved the issuance of the policy defining the term reasonable period of time
and the enforcement of the listing requirement under Section 3 of R.A. No. 7721
dated 18 May 1994, for banking corporations established under Sections 2(i) and
(ii) of R.A. No. 7721, (i.e., foreign banks that entered the Philippine banking
system either (i) by acquiring, purchasing or owning up to 60 percent of the
voting stock of an existing bank, or (ii) by investing in up to 60 percent of the
voting stock of a new banking subsidiary incorporated under the laws of the
Philippines).
Thus, the provisions of Section X105.11 of the Manual of Regulations for
Banks (MORB), implementing above cited law should read as follows:
At least ten percent (10%) of the capital of banks in which foreign
banks have invested under Subsection X105.1a and b, shall be listed in
the PSE within 3 YEARS FROM DATE OF EFFECTIVITY OF
CIRCULAR NO. 775 dated 28 November 2012. For foreign banks that
subsequently invest through the aforementioned modes, the 3-year
period shall be reckoned from the date of receipt of the BSP's approval
of the investment.
This 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:
(SGD.) AMANDO M. TETANGCO, JR.
Governor
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