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Monetary authorities are not a bit worried about reports of some foreign banks selling foreign-based mutual funds. While BSP has issued a circular reminding banks that they are not currently allowed by law to sell mutual funds, a senior monetary official said they issued the directive upon the request of SEC chairperson Lilia Bautista. The official said the illegal practice was “leaked” to SEC but the source could well have been a tainted one, probably a competitor of HSBC and Standard Chartered, two of the foreign banks tagged in recent newspaper reports. The BSP official said the bank officers have… |