Regulatory Alerts2023-12-14 | NRP-46Technical Standards for Constituting and Operating Savings and Credit Cooperatives to Capture Public Savings
The Central Reserve Bank of El Salvador issued Technical Standards NRP-46 to regulate the authorization, constitution, and operational launch of Savings and Credit Cooperatives authorized to capture public deposits. The regulations mandate a rigorous application process requiring detailed business plans, shareholder and director vetting, and a 60-day review period by the Superintendency of the Financial System. Upon approval, cooperatives must complete legal incorporation within 120 days and obtain final operational authorization within 180 days by demonstrating compliance with internal controls and security requirements.
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