Regulatory Alerts2015-06-04 | JB-2015-3450Resolution No. JB-2015-3450 of the Banking Board of Ecuador
The Banking Board of Ecuador upheld a US$1.5 million personal fine against Norma Isabel Quishpe, a member of the Board of Directors of the Magisterio Ecuatoriano Pension Fund, for regulatory violations. The sanctions were imposed due to the creation of the 'Cuenta Única Preferencial,' which allowed retired educators to remain in the fund with non-previsional benefits and higher interest rates, violating the Social Security Law and banking regulations. The Board rejected Quishpe's appeal, ruling that the fund's involvement in the Sabanilla Hydroelectric Project and the preferential account structure breached fiduciary duties and hierarchical legal norms.
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