Regulatory Alerts2024-08-15 | NRP-79Technical Standards to Determine the Companies That May Form Part of Financial Conglomerates
The Norms Committee of the Central Reserve Bank of El Salvador issued Technical Standards NRP-79 to define the characteristics, requirements, and authorization procedures for companies joining financial conglomerates. The regulations mandate that controlling entities must hold over 50% of capital, comply with financial sector regulations, and submit detailed applications to the Financial System Superintendence for approval within a 20-business-day window. These standards repeal the previous NPB4-33 norms and establish cooperation memoranda with foreign supervisors to ensure consolidated supervision and information exchange.
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