Resolution No. JPRFM-2026-001-G Replacing Article 33 of the Audit Committee Regulations of the Central Bank of Ecuador

RESOLUTION No. JPRFM-2026-001-G THE FINANCIAL AND MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That, Article 227 of the same Constitution states that Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, the first paragraph of Article 303 of the Constitution determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Branch and shall be implemented through the Central Bank of Ecuador;

That, on October 13, 2025, the Organic Law Reforming the Organic Monetary and Financial Code was published in the Sixth Supplement of Official Register No. 142;

That, Article 13 of the Organic Monetary and Financial Code, Book I, creates the Financial and Monetary Policy and Regulation Board, part of the Executive Branch, as an organ with functional, technical, and institutional autonomy, and in its decisions, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care service policy and regulation. The Financial and Monetary Policy and Regulation Board shall be the highest governing body of the Central Bank of Ecuador;

That, Article 17 of the aforementioned Code, in its pertinent part, determines that:

"(...) 9. Exercise the other functions, duties, and powers assigned to it by this Code and the law, within the scope of its management. For the fulfillment of these functions, the Board shall issue regulations in matters within its competence, without altering legal provisions. The Financial and Monetary Policy and Regulation Board may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Monetary Policy and Regulation Board, Financial Policy and Regulation Board, or Monetary and Financial Policy and Regulation Board.

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All norms and policies issued by the Financial and Monetary Policy and Regulation Board in the exercise of its functions, duties, and powers must be backed by duly substantiated technical and legal reports (...)";

That, Article 24 of the same Code provides that the acts of the Financial and Monetary Policy and Regulation Board enjoy the presumption of legality and shall be expressed through resolutions that have mandatory force, which shall govern from their publication in the Official Register, or from the date of their issuance when so determined by the Board, in accordance with the subject matter;

That, Article 25.2 supra determines that the Technical Secretariat of the Financial and Monetary Policy and Regulation Board is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the preparation of technical and legal reports supporting regulatory proposals, providing technical and administrative support to the Financial and Monetary Policy and Regulation Board, and those other functions assigned to it by said Board;

That, Article 57.2 of the aforementioned Code provides that the Financial and Monetary Policy and Regulation Board shall establish the requirements, designate, and determine the functions of the Audit Committee. Said Committee shall be composed of three (3) members, one of whom shall be a member of the Financial and Monetary Policy and Regulation Board, who shall preside over it, while the other two (2) shall be designated by the Board itself. The Financial and Monetary Policy and Regulation Board shall approve the regulations of the Audit Committee, in which its attributes and functions shall be detailed;

That, General Provision Twenty-Ninth of the same Code states: "In existing legislation where reference is made, indistinctly, to the Monetary and Financial Policy and Regulation Board, the Monetary Policy and Regulation Board; or to the Financial Policy and Regulation Board, replace and understand as 'Financial and Monetary Policy and Regulation Board'";

That, by Resolution No. JPRM-2025-007-G, of July 16, 2025, the then Monetary Policy and Regulation Board issued the "Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador," which includes Title I "Functioning of the Monetary Policy and Regulation Board," within which Chapter II "Regulations of the Audit Committee of the Central Bank of Ecuador" is contained;

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That, by Resolution No. JPRFM-2025-017-G, of December 23, 2025, the Financial and Monetary Policy and Regulation Board replaced Chapter II "Regulations of the Audit Committee of the Central Bank of Ecuador," of Title I "Functioning of the Monetary Policy and Regulation Board" of the "Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador";

That, the First Transitional Provision of the Organic Law Reforming the Organic Monetary and Financial Code determines that the members of the Financial and Monetary Policy and Regulation Board, sworn in on September 16, 2025, by the National Assembly, shall continue to exercise their functions for the periods for which they were designated and shall maintain their labor continuity and acquired rights;

That, by Letter No. T.233-SGJ-25-098, of September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of the Members of the Financial and Monetary Policy and Regulation Board was sent; as well as, the temporality of their stay within the initial period;

That, the Plenary of the National Assembly, on September 16, 2025, designated and swore in the members of the Financial and Monetary Policy and Regulation Board, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; María Isabel Camacho Cárdenas; and, Jeniffer Nathaly Rubio Abril;

That, by Memorandum No. BCE-JPRFM-2026-0009-M of January 15, 2026, Master Gustavo Estuardo Camacho Dávila, President of the Financial and Monetary Policy and Regulation Board, informed of his official commission abroad from January 17 to 30, 2026, due to institutional commitments; disposing, in accordance with current regulations, the substitution of his functions in favor of Master María Isabel Camacho Cárdenas;

That, by Memorandum No. BCE-JPRFM-2026-0018-M, of January 23, 2026, signed by Master Roberto Javier Basantes Romero, President of the Audit Committee of the Central Bank of Ecuador, the Financial and Monetary Policy and Regulation Board was informed of the need to reform paragraph 1 of Article 33 of the Audit Committee Regulations; as well as, to clarify the legal status of the Committee members who remain in office until their replacement, with the purpose of guaranteeing legal certainty and the proper functioning of said Committee;

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That, the Financial and Monetary Policy and Regulation Board, in ordinary session No. 001-2026, under hybrid modality, on January 30, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0028-M, of January 27, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Financial and Monetary Policy and Regulation Board; as well as, Legal Report No. BCE-GJ-006-2026, of January 27, 2026; and,

In exercise of its functions and in accordance with Article 24 of the Organic Financial and Monetary Code, the Financial and Monetary Policy and Regulation Board,

RESOLVES:

Article 1.- Replace paragraph 1 of Article 33 of Section 2 "Audit Committee", of Chapter II "Regulations of the Audit Committee of the Central Bank of Ecuador", of Title I "Functioning of the Monetary Policy and Regulation Board", of the "Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador", issued by Resolution No. JPRM-2025-007-G, of July 16, 2025, reformed with Resolution No. JPRFM-2025-017-G, of December 23, 2025, with the following text:

"1. Hold a third-level professional degree in economics, finance, law, business administration, accounting, or auditing;".

Article 2. - Replace the Sole Transitional Provision of Resolution No. JPRFM-2025-017-G, of December 23, 2025, with the following text:

"SOLE TRANSITIONAL PROVISION. - The current members of the Audit Committee, other than its President, shall remain in office until the period for which they were designated concludes or until the Financial and Monetary Policy and Regulation Board designates the new members of the Audit Committee, in compliance with what is established in Article 57.2 of the current Organic Monetary and Financial Code and this resolution. During said period, the members shall continue to be subject to the linkage modality and the legal and economic regime in effect at the time of their designation, without the provisions regarding the regime provided for in Article 57.2 of the Organic Monetary and Financial Code being applicable to them."

FINAL PROVISION. - This resolution shall enter into force from its issuance, without

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prejudice of its publication in the Official Register. The General Secretariat of the Central Bank of Ecuador is entrusted with its publication on the institutional website and the update of the Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador.

NOTIFY AND PUBLISH. - Given in the city of Quito D.M., on January 30, 2026.

PRESIDENT (S) Master María Isabel Camacho Cárdenas

The resolution above was processed and signed by Master María Isabel Camacho Cárdenas - Acting President of the Financial and Monetary Policy and Regulation Board, in the city of Quito on January 30, 2026.- I CERTIFY.

TECHNICAL SECRETARIAT Master Jennifer Mishel Carrillo Rosales