Regulatory Alerts2018-12-06 | CD-SIBOIF-1088-1-DIC6-2018Norm Reforming Articles 2, 3, 7, 8, 14, 74, and 78 of the Operational and Financial Standard for General Warehouses
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1088-1-DIC6-2018 to reform the Operational and Financial Standard for General Warehouses to align with the new Accounting Framework based on IFRS and prudential regulations. The resolution updates definitions, establishes the capital calculation base comprising primary and secondary capital minus deductions, and mandates that accounting records for fiscal services, customs agency operations, and financial transactions strictly adhere to the approved Accounting Framework. These provisions become effective for accounting purposes on January 1, 2019, with immediate application for IFRS 1 transition financial statements, while the norm itself enters into force upon notification.