Regulatory Alerts2015-06-04 | JB-2015-3449Resolution No. JB-2015-3449 of the Banking Board
The Banking Board of Ecuador upheld a US$1.5 million personal fine against Jorge Luis Intriago Vélez, a member of the Board of Directors of the Magisterio Ecuatoriano Pension Fund, for regulatory violations. The Board determined that the fund's 'Cuenta Única Preferencial' violated the Organic Law on Social Security and banking regulations by allowing non-affiliated retirees to maintain accounts with preferential rates and withdrawal conditions. Additionally, the Board confirmed that the fund's investment in the Sabanilla Hydroelectric Project as a sponsor breached statutory limits on the fund's purpose and asset management.
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