114 PROHIBITION ON THE SALE OF FOREIGN-BASED MUTUAL FUNDS BY BANKS.

114 PROHIBITION ON THE SALE OF FOREIGN-BASED MUTUAL FUNDS BY BANKS.

Criminal and administrative sanctions prescribed under Sections 36 and 37, respectively, of R.A. No. 7653 (The New Central Bank Act) shall be imposed on banks marketing/selling foreign-based mutual funds using any or all of their branches as outlets and/or selling such financial products without prior Bangko Sentral approval.