Regulatory Alerts2023-12-14 | NRP-47Technical Standards for Establishing and Operating Savings and Credit Societies and Converting Existing Entities into Savings and Credit Societies
The Central Reserve Bank of El Salvador issued these technical standards to establish the legal and administrative requirements for creating and operating Savings and Credit Societies. The regulations mandate specific documentation, including business plans and shareholder lists, and define a 120-day authorization procedure overseen by the Financial System Superintendence. Additionally, the document sets capital requirements and defines economic classifications for micro and small enterprises to determine eligibility for specific regulatory treatments.
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