Regulatory Alerts2023-01-01 | JPRF-F-2023-062Resolution No. JPRF-F-2023-062: Reforming Articles 19, 29, and 30 of Chapter XL on General Assemblies and Board Elections for Savings and Credit Cooperatives
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-F-2023-062 to reform Articles 19, 29, and 30 of the regulatory framework governing Savings and Credit Cooperatives and Mutual Housing Associations. The resolution establishes precise procedures for contesting general assembly resolutions, mandates secret and personal voting for the election of board vocal members, and requires the appointment of an impartial debate director during elections. These changes aim to enhance corporate governance standards, ensure regulatory coherence, and provide a clear framework for resolving internal conflicts within these financial entities.
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