MANILA -- Those selling UITFs or Unit Investment Trust Funds will need certification from reputable financial services agencies, the Bangko Sentral ng Pilipinas said Tuesday.
A transitory rule will allow existing UITF marketing personnel until 2021 to be certified. Those who fail the certification during the transition will not be allowed to sell UITFs until they are certified.
The UITF certification program will be composed of a qualifying exam and requirements for continuing education and registration to enable regulators to monitor and manage marketing personnel, the BSP said.
"It will likewise ensure that the marketing personnel can provide sufficient information on UITF to clients, as well as promote delivery of safe and effective products and services," the BSP said in a statement.
Certified UITF marketers will be required to attend training, seminars and conferences to maintain "active status," the BSP said.