BSP issues Guidelines for BSFIs in compliance with FIST Act
The Bangko Sentral ng Pilipinas (BSP) has issued M-2023-003 which provides guidelines on the Submission of Monthly Report on the Sale/Transfer and Investment Transactions of BSFIs under Republic Act No. 11523 otherwise known as the “Financial Institutions Strategic Transfer (FIST) Act”.
Among the salient provisions of the memorandum are the following:
- BSFIs that availed of the tax exemptions and incentives/privileges under the FIST Act shall use the (a) FIST Monthly Data Entry Template (DET) and its (b) corresponding Control Prooflist (CP).
- The report must be submitted within twenty (2O) business days after the end of reference month
- BSFIs that availed of the tax exemptions and incentives/privileges under the FIST Act shall submit the required (a) prudential report within the prescribed timeline following the reference month of the transaction and for as long as the BSFIs have outstanding balance related to the FIST transaction (i.e., Deferred Charges) or there are new sale/transfer transactions under the FIST for the reporting month.
- All covered BSFIs shall only use e-mail addresses officially registered with the Department of Supervisory Analytics in electronically submitting reports.
- If unable to submit electronically, BSFIs may submit the DET and CP in any portable storage device (e.g., USB flash drive) through messengerial or postal services within the prescribed deadline.
The BSP has also enumerated certain acts which may result in an erroneous or failed submission:
- Failure to use an officially registered e-mail address;
- Failure to use the prescribed subject line or reporting date;
- Failure to use the correct templates;
- Transmitting to the wrong e-mail address; and
- Failure to use the prescribed file names and file format.
The complete memorandum can be accessed here.