Superintendent of Banks and Other Financial Institutions

OFFICE OF THE SUPERINTENDENT OF BANKS AND OTHER FINANCIAL INSTITUTIONS.
MANAGUA, FEBRUARY 3, 2014. TEN TWENTY AM.

CONSIDERING

I

That according to the final part of Article 187 of the Capital Markets Law, the Superintendent of Banks, in accordance with the variation of the official exchange rate of the national currency, may adjust the amount of fines every two years.

II

That to update the amount of fines applicable to participants in the securities market, the calculation method consisting of converting the corresponding figures in current córdobas to United States dollars, using the official exchange rate on the date the Capital Markets Law entered into force, and converting the obtained figure back to córdobas, using this time the exchange rate projected for December 31, 2014, will be applied. The resulting value will be rounded to the figure in millions of córdobas of the immediate lower or upper fraction, as the case may be.

III

That Article 8, letter a), of the Capital Markets Law empowers the Superintendent of Banks to adopt all necessary actions for the effective fulfillment of the regulatory, supervisory, and auditing functions entrusted to the Superintendency as provided in said Law.

THEREFORE

In accordance with the above considerations, and based on Articles 8, letter a), and 187 of the Capital Markets Law, the undersigned Superintendent of Banks,

RESOLVES
SIB-OIF-XXII-020-2014

FIRST: Adjust the amount of fines referred to in Article 187 of the Capital Markets Law, applicable to securities market participants, as follows:

a) In the case of natural persons regarding very serious infractions, the imposed fine shall be up to one hundred forty-nine thousand córdobas (C$149,000.00).

b) In the case of natural persons regarding serious infractions, the imposed fine shall be up to seventy-four thousand córdobas (C$74,000.00).

c) When regarding less serious infractions, for both natural and legal persons, the imposed fine shall be up to the amount of thirty-seven thousand córdobas (C$37,000.00).

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Electronic: correo@siboif.gob.ni | PBX Phone: 2265-1555 P.O. Box 788 | SIBOIF Building - Km. 7 Sur Highway | Managua, Nicaragua | web: www.siboif.gob.ni

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SECOND: This Resolution shall enter into force upon its publication in any written medium of national circulation, without prejudice to its publication in La Gaceta, the Official Gazette.

THIRD: Notify.

(Signature)
VICTOR M. URCUYO
Superintendent of Banks and Other Financial Institutions.

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Electronic: correo@siboif.gob.ni | PBX Phone: 2265-1555 P.O. Box 788 | SIBOIF Building - Km. 7 Sur Highway | Managua, Nicaragua | web: www.siboif.gob.ni