Hi! I am Nina Lasala, former Treasurer of the Philppines. This blog is meant to be an open forum for investors, fellow finance professionals, and other interested parties to discuss the state of Philippine Debt Management.

Thursday, March 10, 2005

What Happens When an Investor Does not Use the Services of a Third Party Custodian?

Sec 1, letter (c) of BSP Circular 457 series of 2004 states that any BSP regulated institution shall not enter into securities transactions with a client who has outstanding securities not delivered to a BSP accredited third party custodian.

From the foregoing, it is obvious that even as BSP claims that using a third party custodian is voluntary, the circular makes it very restrictive for an investor not to do so.

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