A corporation intending to become a FIST Corporation should first apply and register with the Securities and Exchange Commission (SEC) within 36 months from the effectivity of the FIST Act. Section 27. Section 23. 10963, otherwise known as the "Tax Reform for Acceleration and Inclusion (TRAIN) Act"; (b) Capital gains tax imposed on the transfer of lands and/or other assets treated as capital assets as defined under Section 39(A)(1) of the National Internal Revenue Code of 1997, as amended; (c) Creditable withholding income taxes imposed on the transfer of land and/or buildings treated as ordinary assets pursuant to Bureau of Internal Revenue (BIR) Revenue Regulation No. Telefacsimile: (632) 8812-7199, Fortun Narvasa & Salazar (H.K.) (b) Amendments to Approved FISTC Plan - If a FISTC Plan becomes on its face incomplete or inaccurate in any material respect, upon the request of concerned parties or at its own determination, the Commission shall issue an order directing the amendment of the FISTC Plan. Other institutions licensed by the BSP to perform quasi banking functions and credit-granting activities including but not limited to, non-stock savings and loan associations, and nonbank credit card issuers; Contribution plan including the amounts and draft of subscription documents; Features of the IUIs, including specific amounts issued and to be issued; Draft agreements for the appointment of trustees and agents with respect to the IUIs and the NPLs acquired from a financial institution; Name of the external auditor of the FISTC; Roles and responsibilities of the trustees, advisors, loan servicers and property managers; Draft form of financial reports of the FISTC; Methods for the increase and decrease of future fund contribution; Methods for the alteration or modification of the approved FISTC Plan; Methods for the liquidation and distribution of assets to the holders of IUIs; Details of credit enhancements like guarantees or standby letters of credit or advances that may be extended to the FISTC by an entity which shall not be the selling financial institution, its parent, subsidiaries or affiliates; and. Health Laws. 10693, otherwise known as "Microfinance NGOs Act"; (7) An insurance company as defined under Presidential Decree No. - Within thirty (30) days from the effectivity of this Act, the Commission jointly with the BSP, the DOF, BIR and the LRA, shall promulgate the necessary rules and regulations for the effective and faithful implementation of this Act: Provided, That within thirty (30) days from the effectivity of this Act, the DOF, upon recommendation of the BIR, shall promulgate the revenue regulations implementing the fiscal incentives under this Act. Except in the case of ROPAs whose redemption periods have already expired, the FISTC shall notify the borrower and all persons holding prior encumbrances upon the properties, or a part thereof, or are actually holding the same adversely against the borrower, of the appointment of such third-party asset servicing company within fifteen (15) days from the date of tje appointment.1aшphi1. 9343, otherwise known a "The Special Purpose Vehicle (SPV) Act of 2002", is hereby repealed. The Rizal Law is about implementing rules to educate people about the Life, Works, and Writings of our national hero Dr. Jose Rizal, especially his novels Noli Me Tangere and El Filibusterismo. The FISTC Plan shall include the following: The SEC may approve, reject, suspend or revoke the FISTC Plan. The Department of Finance (DOF), upon the recommendation of the BIR, shall issue the rules and regulations to effectively implement the provisions of this section. All laws, decrees, executive orders, rules and regulations or parts thereof, which are inconsistent with this Act, are hereby repealed, amended or modified accordingly. Services Limited - Applications for the establishment and registration of a FISTC shall be filed with the Commission within thirty-six (36) months from the effectivity of this Act. 11232 (The Revised Corporation Code of the Philippines). Section 25. The FIST Corporation shall be exempt from income tax on net interest income, documentary stamp tax and mortgage registration fees and new loans in excess of existing loans extended to borrowers with NPLs which have been acquired by the FIST Corporation; and. This in turn frees up liquidity of the Financial Institutions such as banks to enable them to maintain their financial health and cushion the adverse economic impact of COVID-19.[2]. Section 22. (5) The FISTC Plan is, on its face, incomplete or inaccurate in any material respect, or includes any untrue statement of a material fact, or omits to state a material fact required to be stated, or one which is necessary to obviate any misappreciation of the statements therein. Power of a FISTC. Title of the Code. Issuance of Injunctive Relief Against Transfer of Assets. - The FISTC shall set up an appropriate financial consumer protection mechanism taking into consideration the provisions of existing laws, rules and regulations for the protection of borrowers: Provided, however, That the rights of borrowers under existing laws shall not be impaired nor diminished. With respect to FIs, the administrative sanctions in the preceding paragraph shall be enforced, without prejudice to the administrative sanctions that may be imposed by the BSP and the Commission which are prescribed under the laws governing the FIs under their respective jurisdictions, and without further prejudice to the penalties as may imposed by t he courts. Services Limited This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circulation. (c) Fifty percent (50%) of the land registration fees prescribed under the existing circulars of the LRA. - Republic Act No. Section 19. Section 17. 7653, as amended, otherwise known as "The New Central Bank Act", and other applicable laws. CONGRESS OF THE PHILIPPINES. Telephone No. - A FISTC shall have a minimum authorized capital stock of Five hundred million pesos (P500,000,000.00), with a minimum subscribed capital stock of One hundred twenty-five million pesos (P125,000,000.00), and a minimum of paid-up capital of Thirty-one million two hundred fifty thousand pesos (P31,250,000.00). - Any person who violates any of the provisions of this Act, or any person who, in a notice, certification or plan filed under this Act, makes any untruthful statement of a material fact or omits to state any material fact required to be stated herein, shall, upon conviction, suffer a fine of not less than One hundred thousand pesos (P100,000.00) nor more than Two hundred thousand pesos (P200,000.00) or imprisonment of not less than six (6) years nor more than twelve (12) years, or both, at the discretion of the court, without prejudice to the penalties provided under Section 18 hereof, Section 37 of Republic Act No. Republic Act No. (c) After the sale or transfer of the NPLs, the transferring FI shall inform the borrower in writing at the last known address of the fact of the sale or transfer of the NPLs. No. Such loss incurred by the FI from the transfer of NPAs within the two (2)-year period from the effectivity of this Act may be carried over for a period of five (5) consecutive taxable years immediately following the year of such loss: Provided,further, That for purposes of corporate gain or loss, the carry-over shall be subject to pertinent laws: Provided, finally, That the tax savings derived by FIs from the NOLCO shall not be made available for dividend declaration but shall be retained as a form of capital build-up. 7.4. Submission of FISTC Plan. Section 7. It also authorized to suspend or revoke the effectivity of an APproved Plan after due notice and hearing by issuing an order to such effect setting forth its findings in respect thereto, if it finds that: (1) The FISTC has violated ant of the provisions of this Act or any order of the Commission which the FISTC has notice of in connection with the offering of IUIs for which a FISTC Plan has been filed; (2) The FISTC has been, or is engaged, or is about to engage in fraudulent transactions; (3) The FISTC has made any false or misleading representation of material facts in any Approved Plan concerning the FISTC or its IUIs; (4) The FISTC has failed to comply with any requirement that the Commission may impose as a condition for the issuance of IUI for which a FISTC Plan has been filed; or. To guide in their marker monitoring activities, a database of the sales and transfers consummated in accordance with Section 12 shall be submitted by FISTCs and FIs to the Commission, BIR, Philippine Competition Commission, and other relevant agencies, on a monthly basis: Provided, That the beneficiaries of the tax exemptions and fee privileges under this Act shall submit the data necessary for the DOF and the National Economic and Development Authority (NEDA) to review and analyze the impact of the incentives availment. On 16 February 2021, President Duterte signed into law Republic Act No. Section 29. [16], No court, other than the Court of Appeals and the Supreme Court, may issue injunctive relief against transfer of assets shall issue against the transfer of NPAs from a financial institution to a FIST Corporation, and from a FIST corporation to a third party. 3573, Otherwise Known as the “Law on Reporting of Communicable Diseases” If the offender is a juridical person, the Commission may impose the administrative sanctions stated below upon the corporation and/or its officers. Permitted Investors. 186, as amended, and for other purposes [9], Further, a FIST Corporation may engage the services of a third-party asset servicing company for the collection and receipt of debt payments. 11523, otherwise known as the Financial Institutions Strategic Transfer ( FIST ) Act. 16th Floor, Unit C-2 United Centre, 95 Queensway, Hongkong, China, E-mail Address: [email protected] The FISTC Plan is, on its face, incomplete or inaccurate in any material respect, or includes any untrue statement of a material fact, or omits to state a material fact required to be stated, or one which is necessary to obviate any misappreciation of the statements therein. Mailing Address : MCPO Box 2697 Makati City 1200 Philippines, E-mail Address: [email protected] - The FISTC may be allowed to issue IUIs subject to the rules and regulations the Commission is herein mandated to promulgate. Penalties under the Central Bank Act. [ 17 ] in t he Official Gazette or in a of! In R.A. 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