THE BANGKO SENTRAL ng Pilipinas (BSP) wants to add supplemental data requirements for trust entities to enhance its monitoring of the sector.

In a draft circular posted on its website, the central bank said it is looking to amend portions of the Manual of Regulations for Banks and Manual of Regulations for Non-Bank Financial Institutions on the submission of supplemental data for trust entities.

“As part of the BSP’s continuing enhancement of the supervisory framework for trust entities (TEs) and strengthening of the monitoring and surveillance of the trust industry, the Supplemental Data Requirement for Trust Entities (SDR) has been developed,” it said.

“This regulatory report will complement the data currently submitted by TEs under the Financial Reporting Package for Trust Institutions (FRPTI).”

The requirements seek to obtain more granular information related to the movement of accounts and distribution channels; risk profiles of clients; nonresidents’ funds managed by the TE; unit investment trust fund structures; and trust and agency accounts not specifically identified under the FRPTI.

If the circular is approved, the SDR will undergo a pilot implementation covering the reference quarter of June this year.

“Subsequently, the report will be formally submitted by all TEs on a quarterly basis until an enhanced FRPTI incorporating the additional data requirements has been rolled out,” it added.

Trust entities would need to submit the SDR through the BSP’s Prime Reporting Innovation and Monitoring Engine system and shall be due within 30 banking days from the end of each reference quarter. — Luisa Maria Jacinta C. Jocson

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