622 FORWARD AND SWAP TRANSACTIONS
a. First Offense
(1) Reprimand for the directors/officers responsible for the violation with a warning that subsequent violations will be subject to more severe sanctions.
(2) Banks in breach of the limits shall be required to submit remedial plan to comply with the limits.
b. Subsequent Offense – Bank will be subject to any or all of the following, as may be recommended by the appropriate supervising department of the Bangko Sentral to the Monetary Board:
(1) Restriction or prohibition on the bank from requesting new authority and/or licenses of any sort;
(2) Restriction or prohibition on the bank from declaring dividends; and
(3) Issuance of an order requiring the bank to cease and desist from conducting business in an unsafe or unsound manner and may further order that immediate action be taken to correct the conditions resulting from such unsafe or unsound banking.