Regulatory Alerts2024-12-19 | NRP-84Technical Standards on Opening, Operation, and Closure of Branches of Financial Entities
The Central Reserve Bank of El Salvador issued Technical Standards NBCR-11/2024 to regulate the procedures for financial entities to open, operate, and close branches. The regulation mandates specific documentation, market studies, and security measures for branch openings, while establishing distinct notice periods for closures: sixty days for banks and investment banks, and thirty days for cooperatives. It also defines the scope of supervised entities, including local banks, foreign branches, and development banks, and outlines the Superintendence's authority to review applications and enforce compliance within strict timelines.
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