Regulatory Alerts2015-04-30 | JB-2015-3393Banking Board Resolution JB-2015-3393
The Banking Board of Ecuador partially accepted the appeal filed by Mayva Cía. Ltda. Agencia Asesora Productora de Seguros regarding the revocation of its operating authorization. The Board determined that the initial sanction of license revocation was disproportionate to the infringement, which involved the unauthorized use of the commercial name Megabrokers Ecuador, Inc. Consequently, the Board annulled the revocation and replaced it with a sixteen-month suspension of the agency's operations.
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