Regulatory Alerts2015-06-10 | JB-2015-3472Resolution No. JB-2015-3472 of the Banking Board
The Banking Board of Ecuador issued Resolution JB-2015-3472 to reject the administrative review appeal filed by Edwin Enoc Ortiz Troya, legal representative of Construccion Viales Flumvilcons S.A., against a prior decision by the Guayaquil Regional Intendancy. The Board affirmed that the bank correctly paid a check issued on April 15, 2014, because the signature of the former legal representative was still valid at the time of issuance, despite the new representative's request to change signatures submitted on April 16, 2014. Consequently, the resolution ratifies the previous administrative act, determining that the bank did not violate regulatory procedures and therefore no restitution of funds is ordered.
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