Regulatory Alerts2023-12-14 | NDMC-28Technical Standards on the Minimum Content of the Securitization Contract
The Central Reserve Bank of El Salvador issued Technical Standards NBCR-11/2023 to regulate the mandatory minimum content of Securitization Contracts between the Originator and the Bondholders' Representative. These norms mandate specific disclosures regarding the fund's constitution, asset identification, administrative roles, and the detailed terms of the securities issuance, including credit enhancements and payment hierarchies. The regulations also establish strict requirements for cost transparency, auditor appointments, and the procedural framework for bondholder assemblies and conflict resolution.
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