Regulatory Alerts2015-04-01 | JB-2015-3337Resolution No. JB-2015-3337 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3337 to reject the administrative review appeal filed by Antonio Acosta Espinosa, Acting President of Banco del Pichincha C.A., regarding a previous decision that confirmed a $1,000 fine for non-compliance. The Board determined that the bank's initiation of ordinary judicial proceedings did not suspend the obligation to comply with administrative orders, citing the presumption of legitimacy of administrative acts and relevant constitutional and legal provisions. Consequently, the resolution confirms the prior ruling and denies the appeal, reinforcing the enforceability of the Banking Board's directives despite ongoing litigation.
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