Regulatory Alerts2024-02-29 | NRP-60Technical Standards for Qualifying Savings and Credit Cooperative Federations
The Central Reserve Bank of El Salvador issued Technical Standards to establish the procedure and requirements for Savings and Credit Cooperative Federations to obtain eligibility qualification from the Superintendence of the Financial System. The regulations mandate specific documentation, including feasibility studies, shareholder and director disclosures, and internal manuals, while defining a 60-day review period for the Superintendence to verify compliance. Upon approval, federations receive a certification valid for six months to commence operations, subject to strict timelines for statute modifications and sanctions for non-compliance.
Share