Resolution No. JPRFM-2026-004-A: Appointment of Members to the Audit Committee of the Central Bank of Ecuador

RESOLUTION No. JPRFM-2026-004-A
THE FINANCIAL AND MONETARY POLICY AND REGULATION BOARD CONSIDERING:
That, Article 226 of the Constitution of the Republic of Ecuador stipulates that public servants and persons acting by virtue of state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law; That, Article 227 of the same Constitution states that Public Administration constitutes a service to the community governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others; That, on October 13, 2025, the Organic Reformatory Law of the Organic Code of Monetary and Financial Law was published in the Sixth Supplement of Official Registry No. 142; That, Article 13 of the Organic Code of Monetary and Financial Law, Book I, creates the Financial and Monetary Policy and Regulation Board, part of the Executive Branch, as an organ with functional, technical, institutional, and decision-making autonomy, responsible for formulating monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation. The Financial and Monetary Policy and Regulation Board shall be the highest governing body of the Central Bank of Ecuador; That, Article 17 of the aforementioned Code, in its pertinent part, determines that:
"(...) For the fulfillment of these functions, the Board shall issue regulations in matters within its competence, without altering legal provisions. The Financial and Monetary Policy and Regulation Board may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Monetary Policy and Regulation Board, Financial Policy and Regulation Board, or Monetary and Financial Policy and Regulation Board. All norms and policies issued by the Financial and Monetary Policy and Regulation Board in the exercise of its functions, duties, and powers must be backed by duly substantiated technical and legal reports (...)"; That, Article 24 of the same Code provides that the acts of the Financial and Monetary Policy and Regulation Board enjoy the presumption of legality and shall be expressed through resolutions

RESOLUTION No. JPRFM-2026-004-A which shall have mandatory force, and which shall govern from their publication in the Official Registry, or from the date of their issuance when so determined by the Board, in accordance with the subject matter; That, Article 57.2 supra establishes: "(...) the Financial and Monetary Policy and Regulation Board shall designate and determine the functions of the Audit Committee that will assist it in the monitoring of financial reports, internal audit, external audit, and internal control systems. It shall be composed of three members, one (1) of whom shall be a member of the Financial and Monetary Policy and Regulation Board, who shall preside over it. The other two (2) members shall be designated by the aforementioned Board, and they must have relevant experience in accounting or auditing and must meet the requirements established by the Board (...)"; That, General Provision Twenty-Ninth of the same Code states: "In existing legislation where mention is made, indistinctly, of the Monetary and Financial Policy and Regulation Board, the Monetary Policy and Regulation Board; or, the Financial Policy and Regulation Board, replace and understand as 'Financial and Monetary Policy and Regulation Board'"; That, through Resolution No. JPRM-2025-007-G, dated July 16, 2025, the then Monetary Policy and Regulation Board issued the "Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador", which includes Title I "Operation of the Monetary Policy and Regulation Board", within which Chapter II "Regulations of the Audit Committee of the Central Bank of Ecuador" is contained, reformed with Resolutions No. JPRFM-2025-017-G, dated December 23, 2025, and No. JPRFM-2026-001-G, dated January 30, 2026; That, Article 31 of the aforementioned Audit Committee Regulations establishes: "The Audit Committee shall be composed of three (3) members with voice and vote, on a full-time basis. One (1) of them shall be a member of the Financial and Monetary Policy and Regulation Board, who shall exercise the Presidency of the Committee. The other two (2) members shall be designated by the aforementioned Board and must have relevant experience in accounting or auditing and meet the requirements established in these regulations (...)"; That, Article 32 of the same Regulations establishes that members of the Audit Committee shall perform their functions for a period of two (2) years, which may be renewed once for the same period, subject to performance evaluation;

RESOLUTION No. JPRFM-2026-004-A
That, Article 33 of said Regulations establishes that, for the appointment of members other than the President, candidates must demonstrate compliance with the requirements established for this purpose, whose prior verification corresponds to the human resources and legal areas of the Central Bank of Ecuador, through the corresponding qualification report; That, through Resolution No. JPRFM-2025-007-A, dated October 31, 2025, Magíster Roberto Javier Basantes Romero was appointed as a member of the Audit Committee of the Central Bank of Ecuador, who shall exercise its presidency; That, through Letter No. T.233-SGJ-25-098, dated September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the appointment of Members of the Financial and Monetary Regulation Policy Board was sent; as well as, the temporality of their stay within the initial period; That, the Plenary of the National Assembly, on September 16, 2025, appointed and swore in the members of the Financial and Monetary Policy and Regulation Board, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; María Isabel Camacho Cárdenas; and, Jeniffer Nathaly Rubio Abril; That, the Financial and Monetary Policy and Regulation Board, through extraordinary session No. 003-2026, under hybrid modality, on February 20, 2026, reviewed the content sent via Memorandum No. BCE-BCE-2026-0057-M, dated February 19, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Financial and Monetary Policy and Regulation Board; as well as, Memorandum No. BCE-SATH-2026-0344-M, dated February 18, 2026; and, the Reserved Legal Report No. BCE-GJ-002-2026, dated February 19, 2026; and, In exercise of its functions and attributions provided in Article 24 of the Organic Code of Monetary and Financial Law, the Financial and Monetary Policy and Regulation Board, RESOLVES:
Article 1.- Appoint as a member of the Audit Committee of the Central Bank of Ecuador Magíster María Cristina Cárdenas Chávez, for a period of two (2) years.
Article 2.- Appoint as a member of the Audit Committee of the Central Bank of Ecuador Magíster Fernanda Carola Galarza Pita, for a period of two (2) years.

RESOLUTION No. JPRFM-2026-004-A
Article 3.- The appointed members shall perform their functions on a full-time basis and shall be subject to the provisions provided in the Organic Code of Monetary and Financial Law, the Regulations of the Audit Committee of the Central Bank of Ecuador, and other applicable regulations.
GENERAL PROVISIONS
FIRST. - The Central Bank of Ecuador, through the Financial Administrative Management, shall execute the necessary administrative actions for the execution of this resolution.
SECOND. - This resolution shall enter into force from its issuance, without prejudice to its publication in the Official Registry.
Entrust its publication on the institutional website to the General Secretariat of the Central Bank of Ecuador.
COMMUNICATE AND PUBLISH. - Given in the city of Quito, on February 20, 2026.
THE PRESIDENT
Magíster Gustavo Estuardo Camacho Dávila
The aforementioned resolution was processed and signed by Magíster Gustavo Estuardo Camacho Dávila - President of the Financial and Monetary Policy and Regulation Board, in the city of Quito on February 20, 2026.- I CERTIFY.
TECHNICAL SECRETARIAT
Magíster Jennifer Mishel Carrillo Rosales