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BSP issues new UITF rules

Business

BSP issues new UITF rules

By Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) has approved the amended regulations on unit investment trust funds’ (UITF) licensing and all related rules to start a UITF operation.

BSP Circular No. 1152, signed by BSP Governor-in-charge Deputy Governor Eduardo G. Bobier on Sept. 5, covered the licensing framework on the creation of UITFs and amendments to their features, such as: definition of fund classifications; distribution of income for distributing funds; enforcement actions; and other provisions on the administration of UlTFs.

BSP building and logo/Reuters

The BSP has been changing the regulatory framework for trust, investment management and other fiduciary accounts, especially UITF rules.

The BSP has amended UITF creation, its plan rules, external audit and the reinvestments of the unit income of the distributing fund.

While expanding requirements and qualifications, the regulator is streamlining a trust entity’s application, especially if applying for the first time for a UITF such as fixed income fund, multi-asset fund, equity fund, fund-of-funds, feeder fund, multi-class fund, and distributing fund.

The BSP is currently monitoring 30 trust entities with UITF operation. The UITF industry is a P1.3-trillion market.

The new circular allows BSP to have clearer statement on each UITFs and also clarified and added notification rules on any amendment to UITFs.

Meantime, the BSP is giving trust entities one year to “make appropriate changes to their plan rules, policies, processes, and procedures” in order to comply with the amended rules.

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