The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the amendments to the regulations on securities custodianship and securities registry operations in a bid to simplify the licensing process and expand both the client base and the number of financial institutions offering said services.
BSP Governor Benjamin Diokno said in a statement Friday the amendments were part of the commitment of the regulator to contribute to the development of the domestic capital market and strengthen investor protection.
“The new rules will attract more players in the industry while ensuring that only BSP-supervised financial institutions (BSFIs) with robust risk management and governance systems, as well as appropriate information technology infrastructure, will offer securities custodianship and securities registry services,” he said.
“This will complement existing initiatives to expand investment opportunities for the public and at same time ensure that their interests are adequately protected,” Diokno said.