The Bangko Sentral ng Pilipinas (BSP) has amended its regulations on the disqualification of directors and officers, establishing specific delisting procedures for banks and non-bank financial institutions.
Under the new rules signed on Dec. 15, the temporary disqualification of officials takes effect immediately upon official notification by the BSP and remains in place for five years. Individuals will only be automatically delisted from the BSP record after the five-year period has elapsed.
The Monetary Board clarified that automatic delisting does not apply to individuals with pending court cases or administrative proceedings.
This restriction also extends to those under investigation by the BSP Office of the General Counsel and Legal Services, or those whose fitness to serve remains under assessment by the board.
Individuals involved in such cases may file a formal request for delisting if they can provide documentation proving that their cases were decided in their favor or that they have been cleared of derogatory records.
The Monetary Board maintains the authority to approve or deny these requests based on the evidence provided.
The circular also introduces a provision for the automatic delisting of deceased individuals once proof of death is submitted to the regulator.
These amendments are scheduled to take effect 15 calendar days after publication. The BSP confirmed that the delisting provisions will be applied retroactively to ensure comprehensive coverage across the financial sector.
