Regulatory Alerts2024-02-29 | NRP-55Technical Standards for the Authorization of Share Transfers of Banks, Investment Banks, Exclusive Purpose Holding Companies, and Savings and Credit Societies
The Central Reserve Bank of El Salvador issued Technical Standards NRP-55 to regulate the authorization procedures for acquiring more than one percent or ten percent of the capital in banks, investment banks, exclusive purpose holding companies, and savings and credit societies. The regulations mandate strict documentation requirements, including sworn declarations, background checks, and proof of legitimate fund origins, while establishing a maximum twenty-business-day review period for the Financial System Superintendence. Furthermore, the norms define specific grounds for denial of authorization, such as criminal convictions or financial insolvency, and impose ongoing reporting obligations on significant shareholders.
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