JPRM-2024-016-A — Reforming the Regulations of the Audit Committee of the Central Bank of Ecuador

RESOLUTION No. JPRM-2024-016-A THE MONETARY POLICY AND REGULATION BOARD CONSIDERING: That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting by virtue of a state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law; That, Article 227 ibid states that Public Administration constitutes a service to the community governed by the principles of efficiency, quality, hierarchy, coordination, planning, among others; That, numeral 1 of Article 302 ut supra determines that: "Monetary, credit, exchange, and financial policies shall have as objectives: 1. To supply the necessary means of payment so that the economic system operates efficiently. (...)"); That, the first clause of Article 303 of the Constitution of the Republic determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Function and shall be implemented through the Central Bank of Ecuador; That, Article 47.1 of the Organic Monetary and Financial Code creates the Monetary Policy and Regulation Board as part of the Executive Function, responsible for the formulation of monetary policy, the highest governing body of the Central Bank of Ecuador, and determines its composition; That, Article 47.6 of the same Code, regarding the functions of the Monetary Policy and Regulation Board, among others, establishes: "(...) 26. Those others conferred upon it by law. (...)"); That, Article 57.2 of the aforementioned Organic Code establishes that the Monetary Policy and Regulation Board shall designate and determine the attributes and functions of the Audit Committee that assists it in the oversight of financial reports, internal audit, external audit, and internal control systems; for which it shall approve the corresponding regulations; That, Article 128 of the Organic Administrative Code establishes: "Normative act of an administrative nature. It is any unilateral declaration made in the exercise of an administrative competence that produces general legal effects, which is not exhausted with its compliance and directly"; That, by Resolution No. JPRM-2021-006-A, of December 17, 2021, the Monetary Policy and Regulation Board issued the "Regulations of the Audit Committee of the Central Bank of Ecuador," which was reformed by Resolution No. JPRM-2022-030-A, of December 19, 2022;

RESOLUTION No. JPRM-2024-016-A Page | 2

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That, the Monetary Policy and Regulation Board, in an extraordinary session held in person on August 26, 2024, approved the reform to the Regulations of the Audit Committee of the Central Bank of Ecuador issued by Resolution No. JPRM-2021-006-A, of December 17, 2021; and, In the exercise of its functions and in accordance with Article 47.7 of the Organic Monetary and Financial Code, the Monetary Policy and Regulation Board resolves:

TO REFORM THE REGULATIONS OF THE AUDIT COMMITTEE OF THE CENTRAL BANK OF ECUADOR ISSUED BY RESOLUTION NO. JPRM-2021-006-A

Article 1.- Substitute the penultimate clause of Article 7 of Resolution No. JPRM-2021-006-A, of December 17, 2021, with the following text: "In the event of the termination of functions of any of the members, the person who replaces them shall exercise the functions for a period of four (4) years, counted from their assumption of office."

FINAL PROVISION.- This resolution shall enter into force from its issuance, without prejudice to its publication in the Official Register. Its publication on the institutional website is entrusted to the General Secretariat of the Central Bank of Ecuador. NOTIFY AND PUBLISH. - Given in the Metropolitan District of Quito, on August 26, 2024. THE PRESIDENT Dr. TATIANA MARIBEL RODRÍGUEZ CERÓN The aforementioned resolution was signed by Doctor Tatiana Maribel Rodríguez Cerón - President of the Monetary Policy and Regulation Board, in the Metropolitan District of Quito, on August 26, 2024.- I CERTIFY. ADMINISTRATIVE SECRETARY Attorney MARÍA ALEXANDRA GUERRERO DEL POZO