The Bangko Sentral ng Pilipinas is proposing new rules to clarify when participants in the PhilPaSSplus real-time settlement system may face suspension or termination, specifying offenses and procedures. Suspension, defined as the temporary cessation of participation, can result from disciplinary penalties, insolvency, bankruptcy, or other risks that could disrupt system operations. Termination may occur involuntarily after a final penalty or regulatory decision, or voluntarily with BSP approval, such as when licenses are surrendered. Access may also end in cases of mergers, consolidations, or closure by lawful authorities, with financial market infrastructures evaluated individually. Stakeholders have until December 12 to provide comments on the draft circular, which aims to enhance transparency and safeguard the orderly functioning of the payment system.
BSP PROPOSES CLEARER RULES ON SUSPENSION AND TERMINATION IN PHILPASSPLUS SYSTEM
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