The Bangko Sentral ng Pilipinas said over the weekend it issued the governing policy for operators of payment systems as part of the phased-in implementation of Republic Act No 11127, or the National Payment Systems Act.
“The issuance further supports the adoption of the governance standards under the Principles for Financial Market Infrastructures, the internationally-recognized standards jointly issued by the Bank for International Settlements and the International Organization for Securities Commissions,” the BSP said in a statement.
“These international standards are applicable to financial market infrastructures which include payment systems,” it said.
The governance policy provides the regulatory expectations on the governance arrangements and standards to be adhered to by all OPS. It also provides the criteria for qualification and grounds for disqualifications of individuals elected or appointed as directors or officers of an OPS.