Regulatory Framework for Business and Financial Transactions and Other Special Laws
ESSENTIAL KNOWLEDGE ON REGULATORY FRAMEWORK LAWS
Preliminary Period
Part 1- (A) Understand and apply the provisions of the regulatory Framework for Business
under the following laws:
Book 1-Sales, Bailments and Bulk Sales
1. Sales
1.1 Nature, forms and requisites
1.2 Earnest money as distinguished from option money
1.3 Rights/obligations of vendor and vendee
1.4 Warranties
1.4.1 Express Warranties (in relation to consumer laws)
1.4.2 Implied Warranties
1.5 Installment sales
Book 2. Recto and Maceda Laws, and Condominium Act.
2..1 Personal property – Recto Law
2..2 Real Property – Maceda Law
2..3 PD 957 / Condominium Act
2.3.1 Extinguishment of a contract of sale
2.3.1.1 Conventional Redemption
2.3.2 Legal Redemption
Book 3. Laws on Pledge, Chattel and Real Estate Mortgages
3. Credit Transactions
3.1 Pledge, Real Mortgage and Chattel Mortgage
3.1.1 Similarities
3.1.2 Requisites
3.1.3 Indivisibility
3.1.4 Pactum Commissorium
3.1.5 Third party pledgors/mortgagors
3.2 Requirements to bind the parties and third persons
3.3 Obligations and rights of pledgor and pledgee
3.4 Obligations and rights of mortgagor and mortgagee
3.5 Modes of extinguishment
Book 4. Insurance Code of the Philippines
4. Insurance
4.1 Concept of insurance
4.2 Elements of an insurance contract
4.3 Characteristics and nature of insurance contracts
4.4 Classes
4.5 Variable contracts
4.6 Insurable interest
4.7 Perfection of the contract of insurance
4.8 Rescission of insurance contracts
4.9 Claims settlement and subrogation
Part 1- (B) Understand and apply the provisions of the regulatory Framework for
Business under the following laws
Book 5 – Consumer Protection Act.
5.1 Consumer Product Quality and Safety
5.2 Deceptive Sales Acts and Practices
5.3 Product Service and Warranty
5.4 Labelling and Packaging
5.5 Consumer Rights
5.5.1 Price Tag Act
5.5.2 Lemon Law
Book 6- Government Procurement Act
6.1 General principles
6.2 Scope and application
6.3 Definition of terms
6.4 Procurement procedures
6.4.1 Preparation of bidding documents
6.4.2 Invitation to bid
6.4.3 Receipt and opening of bids
6.4.4 Bid evaluation
6.4.5 post-qualification
6.4.6 Award, implementation and termination of the contract
6.5 Disclosure of relations
6.6 Alternative methods of procurement
Book 7- Data Privacy Act
7.Data Privacy Act
7.1 Definitions
7.2 Scope of application
7.3 Data Privacy Principles
7.4 Processing of personal data
7.5 Security measures for protection of personal data
7.6 Rights of Data Subject
7.7 Data breach notification
7.8 Outsourcing and subcontracting agreements
7.9 Registration and compliance requirements
Book 8- E-Commerce Act
8. Electronic Commerce Act
8.1 Principles
8.2 Application
8.3 Definition of terms
8.4 Legal recognition and communication of electronic data messages and
electronic documents
8.7.5 Electronic commerce in carriage of goods
8.7.6 Electronic transactions in government
Book 9- Int. Property Act (Except Part 1)
9 Intellectual Property Law (except provisions under Part 1)
9.1 Patents
9.2 Trademark, Service Marks and Trade Names
9.3 Copyright
Part 2- (A) Understand and apply the provisions of the regulatory Framework for
Business under the following laws:
Book 10 – Anti-bouncing laws, Revised Penal Code Provisions on Estafa
10.1 Requisites to be liable under BP 22
10.1.1 Checks without insufficient funds
10.1.2 Evidence of knowledge of insufficient funds
10.1.3 Duty of Drawer
10.1.4 Credit Construed
10.2 Comparison with Estafa (Art. 315 {2] (d)
Book 11- Philippine Competition Act
11.1 Definition and scope of application
11.2 Prohibited acts
11.2.1 Anti-competitive agreements
11.2.2 Abuse of dominant position
11.2.3 Prohibited mergers and acquisitions
11.2.4 Exceptions
11.3 Covered transactions
11.3.1 Thresholds for compulsory notification
11.3.2 Notifying entity
11.3.3 Period of notifications
11.3.4 Exceptions
Book 12- PDIC Law
12 PDIC Law
12.1 Insurable deposits
12.2 Maximum liability
12.3 Requirements for Claims
Book 13-Secrecy of Bank Deposit
13. Secrecy of Bank Deposits
13.1 Purpose
13.2 Prohibited acts
13.3 Deposits covered
13.4 Exceptions
13.5 Garnishment of deposits including foreign deposits
Book 14- Truth in Lending Act
14. Truth in Lending Act
14.1 Purpose
14.2 Obligation of creditors to persons to whom credit is extended
14.3 Covered and excluded transactions
14.4 Consequences of non-compliance with obligation
Part 2- (B) Understand and apply the provisions of the regulatory Framework for
Business under the following laws:
Book 15 -Anti-Money Laundering Act
15.1 Purpose, policies and Principles
15.2 Definition of terms
15.3 Unlawful activities
15.4 Covered persons
15.5 Money laundering, terrorism and financing and asset forfeiture
15.6 Preventive measures and obligations of covered persons
15.6.1 Prohibited accounts
15.6.2 Customer due diligence
15.7 Beneficial ownership
15.4.8 Record keeping requirements
15.4.9 Safe Harbor
Book 16- Ease in Doing Business & Efficient Del. Of Gov. Service Act
16 Ease of Doing Business and Efficient Delivery of Government Service Delivery
Act, A.R.T.A.
16.1 Policy, construction and interpretation
16.2 Definition of terms
16.3 Coverage and scope
16.4 Reengineering of systems and procedures
16.5 Citizen’s charter
16.6 Accessing government services
16.7 Streamlined procedures for the issuances of permits and licenses
16.8 Violations, jurisdiction, penalties, and immunity
Book 17-Labor Law (Standards)
17.1 Basic pay
17.2 Overtime premium
17.3 Night shift differential
17.4 Holiday premium
17.5 13th month pay
17..6 Leaves
17.7 Service incentive leave
17.8 Maternity leave
17..9 Paternity leave
17.10 Parental leave for solo parent
Book 18-Social Security Law
18.1 Definitions
18..2 Scope and Coverage
18.3 Pension, Retirement and other benefits
18.4 Exemptions from tax, legal process and lien
18.5 Employee’s and employer’s contributions
18.6 Contributions from self-employed member
18.7 Remittance of contributions
18.8 Method of collection and payment
Book 19 – Pag-IBIG Law
19.1 Definitions
19.2 Scope and Coverage
19.3 Privileges on housing, muti-purpose loans, investments and benefits
19.4 Exemptions from tax, legal process and lien
19.5 Employee’s and employer’s contributions
196 Contributions from self-employed member
19.7 Remittance of contributions
19.8 Method of collection and payment
Book 20- Phil-health Law
20.1 Definitions
20.2 Scope and Coverage
20.3 Privileges on hospitalization, health insurance and other benefits
20.4 Exemptions from tax, legal process and lien
20.5 Employee’s and employer’s contributions
20..6 Contributions from self-employed member
20.7 Remittance of contributions
20..8 Method of collection and payment