Supervision fees set for NBFIs

The Bangko Sentral ng Pilipinas (BSP) has imposed an annual supervision fees on non-bank financial institutions (NBFIs) with trust authority as part of amendments to the central bank's regulations on trust and other fiduciary activities.

- By KEISHA TA-ASAN

In Circular 1228, the BSP said the Monetary Board approved the amendment of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) to "provide guidelines on annual supervision fees for NBFIs with trust authority."

Under the new rules, "an NBFI with trust authority shall pay to the BSP an annual supervision fee equivalent to one twenty-eighth (1/28) of one percent multiplied by its average assessable assets in the preceding year."

The circular defined average assessable assets as "the sum of month-end balances of total assessable assets divided by the number of months in operation during a particular assessment period," adding that total assessable assets refer to "the total assets under management by the trust department, excluding securities held under custodianship."