Regulatory Alerts2024-01-01 | JPRF-F-2024-096Resolution No. JPRF-F-2024-096: Standard for the Application of the First Transitory Provision of the Organic Law Reforming Various Legal Bodies for the Strengthening, Protection, Promotion, and Impulse of Popular and Solidarity Economy Organizations
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-F-2024-096 to regulate the payment of annual interest on surplus balances to members of Savings and Credit Cooperatives. This resolution implements the First Transitory Provision of a recent Organic Law that exempts these cooperatives from standard surplus distribution rules, allowing them to allocate excess funds to interest payments on contribution certificates. The regulation mandates that such payments be executed equitably and in solidarity, in accordance with the principles governing the Popular and Solidarity Economy.
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