THURSDAY, 05 MAY 2011 19:16
JUN VALLECERA / REPORTER
NEW rules have been written regarding the sale, transfer or acquisition
of the voting stocks of banks operating in the country at present.
While before it was enough that regulators were informed whenever such
sale, transfer or acquisition resulted to substantial ownership of the
voting stocks, new rules now require more detailed reporting of the
transaction.
The insistence on detailed disclosure comes in the wake of changes in
the ownership of some banks that later prove problematic, such as that
involving the now defunct Legacy Group of Bank where insured deposit
payouts totaled some P12 billion.
New regulations now require both the buyers and sellers of bank voting
stocks to report the transaction to the Bangko Sentral ng Pilipinas
(BSP) so that the policy-making monetary board may act on it as appropriate.
The request should be submitted within 60 days from the transaction date
or 30 days from date of receipt by the bank's corporate secretary for
registration of the transaction, whichever is earlier, the BSP said.
"It should be accompanied by supporting documents on the suitability of
the transferee-stockholder, including evidences on the integrity,
probity, financial capacity, business experience and educational
background, among others, of the individual stockholders or of the
persons behind the corporate stockholders.
"It should be accompanied by an affidavit attesting that the stockholder
is a bona fide owner of the voting shares of stocks in the bank in
his/its right, and not as a dummy of any other person, whether natural
or juridical," the BSP said.
Bank corporate secretaries are henceforth prohibited from registering
the voting shares in the name of anyone without prior monetary board
approval.
Delays in reporting such changes could result in the recission or even
invalidation of such transactions, the BSP said.
The new rules apply both to issued and unissued voting shares of stocks
as in the case of subscription to new shares or conversion of preferred
shares or debt instruments into voting shares, the BSP said.
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CARLOS ANI
UNITED NATIONS ENVIRONMENT PROGRAMME (UNEP)
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