Regulatory Alerts2019-06-18 | CD-SIBOIF-1117-1-JUN18-2019Norm on Reform to Article 2 of the Norm on Purchases and Sales of Credit Assets
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1117-1-JUN18-2019 to reform Article 2 of the Norm on Purchases and Sales of Credit Assets. The amendment clarifies that the regulation governs the purchase and sale of credit assets by banks, financial societies, and insurance companies, while explicitly excluding asset disposal acts related to credit operations with the Central Bank of Nicaragua. This resolution entered into force upon notification, pending its subsequent publication in the Official Gazette.
Page 1 of 2 Resolution No. CD-SIBOIF-1117-1-JUN18-2019 Dated June 18, 2019
NORM ON REFORM TO ARTICLE 2 OF THE NORM ON PURCHASES AND SALES OF CREDIT ASSETS
The Board of Directors of the Superintendence of Banks and Other Financial Institutions,
CONSIDERING
I
That on December 3, 2008, the Norm on Purchases and Sales of Credit Assets was approved, contained in Resolution No. CD-SIBOIF-563-1-DIC3-2008, published in La Gaceta, Official Gazette No. 17 on January 7, 2009.
II
That Article 10, numeral 2, of Law 316, Law of the Superintendence of Banks and Other Financial Institutions, and its reforms, contained in Law No. 974, Law of the Nicaraguan Legal Digest on Banking and Finance Matters, published in La Gaceta, Official Gazette No. 164, on August 27, 2018, and its reforms (Legal Digest Law), empowers the Board of Directors of the Superintendence of Banks and Other Financial Institutions to issue general norms that promote adequate, agile, modern, and practical supervision over institutions subject to the supervision and oversight of the Superintendence of Banks and Other Financial Institutions.
In exercise of its powers,
HAS ISSUED
The following:
Resolution No. CD-SIBOIF-1117-1-JUN18-2019 NORM ON REFORM TO ARTICLE 2 OF THE NORM ON PURCHASES AND SALES OF CREDIT ASSETS
FIRST: Article 2 of the Norm on Purchases and Sales of Credit Assets, contained in Resolution No. CD-SIBOIF-563-1-DIC3-2008, of December 3, 2008, published in La Gaceta, Official Gazette No. 17 on January 7, 2009, is hereby reformed, which shall read as follows:
Art. 2 Object and Scope.- This norm aims to establish provisions to regulate the purchases and sales of credit assets by banks, financial societies, and insurance companies.
Acts of disposal of credit assets carried out by banks and financial societies within the framework of credit operations with the Central Bank of Nicaragua (BCN) are not subject to this norm.
Page 2 of 2
SECOND: This norm shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (Signed) Ovidio Reyes R. (Signed) Illegible (Luis Ángel Montenegro Espinoza) (Signed) Fausto Reyes B. (Signed) Illegible (Silvio Moisés Casco Marenco) (Signed) Illegible (Rafael Ángel Avellán Rivas).
RAFAEL ÁNGEL AVELLÁN RIVAS Secretary of the Board of Directors SIBOIF