Regulatory Alerts2019-04-02 | CD-SIBOIF-1105-1-ABR2-2019Norm for the Distribution of Profits of Financial Institutions of the Securities Market
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution CD-SIBOIF-1105-1-ABR2-2019 to establish the mandatory guidelines for securities market financial institutions to obtain authorization for profit distribution. The regulation requires institutions to meet specific capital, reserve, guarantee, and audit opinion standards, while prohibiting any distribution until written non-objection is received from the Superintendent. The Superintendent retains the authority to grant exceptions based on particular financial conditions or restrict distributions if they threaten the institution's stability.
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