Regulatory Alerts2020-01-14 | CD-SIBOIF-1148-1-ENE14-2020Norm Reforming Article 15 of the Norm on Requirements for the Establishment of Banks, Financial Companies, Branches of Foreign Banks, and Representation Offices
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution CD-SIBOIF-1148-1-ENE14-2020 to amend Article 15 of the existing regulatory framework. The reform establishes specific supervisory cost contributions for representation offices, calculated as 1.3 per mille of their average annual credit portfolio and investments or a minimum of USD 3,600, whichever is greater. Additionally, the resolution defines procedural timelines for authorization requests and sets transitional provisions for foreign banks currently applying for or operating representation offices in Nicaragua.
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