Regulatory Alerts2023-12-14 | NDMC-30Technical Standards for the Authorization and Establishment of Obligations of the Representatives of the Holders of Securities of a Securitization Fund
The Central Reserve Bank of El Salvador issued Technical Standards CNBCR-11/2023 to regulate the authorization and obligations of representatives for holders of securities in securitization funds. The document establishes specific capital, governance, and procedural requirements for non-bank entities seeking authorization, while defining conduct and operational duties for all representatives, including banks and brokerage houses. It mandates strict conflict of interest management, internal controls, and reporting obligations to ensure the protection of security holders' interests.
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