On Dec. 11, PHI CB revised Peso RTGS rules in relation to penalties.
PHI CB issued memorandum to revise Peso real-time gross settlement (RTGS) rules re penalties and sanctions, under Manual of regulations for payment systems (MORPS).
Follows PHI CB Mar. 2024 said it has released its first MORPS, see #205405.
Document dated Dec. 11, 2024, received from PHI CB Dec. 13, summarized Dec. 17.
Amendments Overview
PHI CB may impose penalties upon participants who contravene the RTGS rules.
Penalties include fines, suspension of privilege of availing of intra-day settlement facilities, suspension/termination of the participants' access to the peso RTGS system.
Specifies monetary penalties for non-compliance with requirements, including failing to manage liquidity position as manifested, failing to inform PHI CB of its insolvency.
Plus, specifies monetary penalties for non-compliance with reporting standards under Peso RTGS rules i.e. delayed report, erroneous report as well as unsubmitted report.
Specifies penalties for other violations including non-compliance with applicable laws, guidelines, rules, regulations issued by PHI CB, multiple cases of the same violation.
Effectiveness
Revisions effective 15 calendar days post publication in official gazette or newspaper; therefore, if duly published on Dec. 11, 2024 would take effect on Dec. 26, 2024.
Regulators
PHI CB
Entity Types
Bank; MSB
Reference
Memo, M-2024-039, 12/11/2024; Res No. 1368, 11/28/2024;
