Technical Standards on Opening, Operation, and Closure of Branches of Financial Entities

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025

THE COMMITTEE OF STANDARDS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That Article 22, first paragraph, of the Banks Law establishes that banks must inform the Superintendent about each project for opening branches in the country that they decide to undertake.

II. That Article 22, fourth paragraph, of the Banks Law establishes that, in the case of branch closures, banks must notify the Superintendency and the public, at least sixty days in advance.

III. That Article 25, first paragraph, of the Banks Law establishes that banks are institutions of mandatory operation. No bank may suspend or terminate its operations without prior authorization from the Superintendency.

IV. That Article 26, first paragraph, of the Banks Law establishes that banks constituted under foreign laws that propose to establish branches in the country, to conduct bank operations through them, must obtain prior authorization from the Superintendency.

V. That Article 27 of the Banks Law establishes the requirements that foreign banks proposing to request authorization from the Superintendency of the Financial System, referred to in Article 26 of the same Law, must observe.

VI. That Article 29, third paragraph, of the Banks Law establishes that the provisions in Articles 21 and 22 of said Law shall apply, insofar as pertinent, to foreign banks authorized to operate in the country.

VII. That Article 11, first paragraph, of the Cooperative Banks and Savings and Credit Societies Law establishes that cooperatives must inform the Superintendent about each project for opening branches in the country.

VIII. That Article 11, fourth paragraph, of the Cooperative Banks and Savings and Credit Societies Law establishes that, in the case of branch closures, cooperatives must notify the Superintendency of the Financial System and the public, at least thirty days in advance. (1)

IX. That Article 14 of the Cooperative Banks and Savings and Credit Societies Law establishes that cooperatives are institutions of mandatory operation. No cooperative may suspend or terminate its operations without prior authorization from the Superintendency.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025

X. That Article 156 of the Cooperative Banks and Savings and Credit Societies Law establishes that the fundamental provisions contained in Book One of said Law shall apply to savings and credit societies.

XI. That Article 157 of the Cooperative Banks and Savings and Credit Societies Law establishes that the provisions of the Banks Law contained in Title Two, regarding organization, administration, and operation, shall apply to savings and credit societies, with the modifications detailed in the aforementioned article.

XII. That Article 1 of the Law of the Development Bank of the Republic of El Salvador establishes that the Development Bank of the Republic of El Salvador, which may be abbreviated as "BANDESAL," is created as a public credit institution, autonomous, of indefinite duration, with legal personality and its own assets. It will have its domicile in the city of San Salvador and may establish and maintain branches, agencies, or dependencies anywhere in the Republic and even maintain correspondent offices outside of it.

XIII. That Article 92 of the Law of the Development Bank of the Republic of El Salvador establishes that, regarding the banking, stock market, and commercial operations that the bank carries out, in all matters not provided for in this law, the provisions contained in banking, stock market, financial, commercial legislation, and, in default thereof, the norms of common law, shall apply.

XIV. That Article 14, first paragraph, of the Investment Banks Law establishes that investment banks must inform the Superintendent about each project for opening branches in the country that they decide to undertake. (1)

XV. That Article 14, fourth paragraph, of the Investment Banks Law establishes that, in the case of branch closures, investment banks must notify the Superintendency and the public, at least sixty business days in advance. (1)

XVI. That Article 15, first paragraph, of the Investment Banks Law establishes that investment banks are institutions of mandatory operation, so once their operation is authorized, they may not suspend or terminate their operations without prior authorization from the Superintendency. (1)

XVII. That Article 4, letter p), of the Law on Supervision and Regulation of the Financial System establishes that it is the faculty of the Superintendency to exercise all other supervision activities and other faculties corresponding to the Superintendency, in accordance with the specific laws applicable to the supervised entities, insofar as they do not contradict this Law. (1)

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025

XVIII. That Article 99, third paragraph, letter a), of the Law on Supervision and Regulation of the Financial System establishes that it corresponds to the Committee of Standards of the Central Reserve Bank of El Salvador to approve technical standards on any other aspect inherent to risk management by the supervised entities. (1)

XIX. That Article 101, fourth paragraph, of the Law on Supervision and Regulation of the Financial System establishes that the faculties to approve, modify, and repeal technical standards that must be complied with by the members of the financial system and other supervised entities are transferred to the Central Reserve Bank of El Salvador. (1)

THEREFORE,

by virtue of the regulatory faculties conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES to issue the following:

TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES

CHAPTER I
OBJECTIVE, SUBJECTS, AND TERMS

Objective
Art. 1.- These Standards aim to establish the procedure that subjects must comply with for the opening, operation, and closure of branches in the country.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are:
a) Banks constituted in the country; b) Branches of foreign banks established in the country, insofar as pertinent; c) Cooperative banks; d) Savings and credit societies; e) The Mortgage Bank of El Salvador, S.A.; f) The Agricultural Development Bank, insofar as it does not contradict its creation law; (1) g) The Development Bank of the Republic of El Salvador, insofar as it does not contradict its creation law; and (1) h) Investment Banks. (1)

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Branch: The office physically separate from the head office or central office, which is an integral part of the same legal entity, which can perform the same operations as the head office, which has no assigned capital, and whose accounting is not separate from the head office or central office; b) Central Bank: Central Reserve Bank of El Salvador; c) Entity: Subjects obligated to comply with these Standards; d) Establishment: Premises physically separate from a branch that are part of it and can perform the same operations as the branch, in a limited manner regarding amounts and services; e) Commercial Establishment: The physical space where financial entities provide their financial services to the public. Such establishments are offered by legally established commercial societies that sign a contract with financial entities so that the latter provide services within their facilities; f) Board of Directors: A collegiate body or equivalent body in charge of the administration of the entity, with functions of supervision, direction, and control; for the case of Cooperative Associations, it will be the Board of Administration or as defined in its Creation Law; and g) Superintendency: Superintendency of the Financial System.

CHAPTER II
PROCEDURE FOR OPENING AND CLOSURE OF BRANCHES

Opening of branches
Art. 4.- The entity interested in opening a branch must inform the Superintendency through the means made available by it, which may be electronic, attaching the following documentation:
a) Certification of the agreement of the Board of Directors of the requesting entity stating that the opening of the branch was agreed upon; b) Exact address and location of the place where the branch will be installed, accompanied by the location sketch and the corresponding architectural plan; c) Sworn declaration signed by the Legal Representative or General Attorney of the requesting entity, which must incorporate the following elements:
i. The security measures that will be adopted and implemented before starting operations; and
ii. Certificate of having reviewed the content of the lease contract for the corresponding property, if applicable, as well as of not having found significant legal risks affecting the entity's assets, including those that might arise if the lessors were related persons to the entity; it must be verified that the clauses comply with applicable legal provisions and, fundamentally, with aspects related to: the generalities of the contracting parties; the ownership and characteristics of the property subject to lease and its use; term and lease payment; obligations of both the lessor and the lessee, expressly incorporating the commitment of the contracting parties not to promote practices that could lead to the breach of the figure of banking secrecy and information subject to confidentiality; the mechanisms for dispute resolution, among others;

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025 d) Amount of the investment to be made and calculation of the effect it will have on the equity requirement and the limit of investment in fixed assets; e) Contingency and business continuity plans, which allow the subjects obligated by these Standards to preserve their capacity to operate constantly and minimize losses in cases of contingent or fortuitous events when they are forced to temporarily interrupt their activities; f) Market study that includes an analysis of expected demand; g) Feasibility study in PDF format signed by the person responsible for or in charge of the area that prepared it, and in editable format with its respective formulas, accompanied by the justification of assumptions adopted for its preparation; and h) Copy of the Lease Contract and/or Agreement, when applicable.

When the entity decides to move a branch to a different premises or decides to open an establishment, the same process for opening will be followed, presenting all the documentation established in the first paragraph of this article, except regarding letters d), f), and g).

In the case of the opening of an establishment, they must detail the operations and services they will carry out in said establishment, indicating the limits of operations and services they will provide, as well as the human and operational resources they will have to carry them out.

Procedure for the opening of a branch
Art. 5.- Upon receipt of the documentation in accordance with what is established in Article 4 of these Standards, the Superintendency will proceed to verify compliance with the requirements defined therein, having a maximum period of thirty days counted from the next business day after the documentation was presented to object to the project if it considers that it would have a negative impact on the financial and administrative capacity of the entity.

If the information is not received complete and in due form, as detailed in Article 4 of these Standards, the Superintendency, due to the lack of necessary requirements, may require the entity to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the entity, when there are reasons justifying it.

The Superintendency in the same notice will indicate to the entity that if it does not complete the information within the aforementioned period, it will proceed without further procedure to archive the documentation, leaving its right to present it again intact.

If after analyzing the documentation presented, in accordance with what is established in Article 4 of these Standards, the Superintendency has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be proven, the Superintendency may notify the entity to remedy the deficiencies communicated or present additional documentation or information requested.

The entity will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the information requested by the Superintendency.

The Superintendency may, through a reasoned resolution, extend the period indicated in the previous paragraph by up to another ten business days, when the nature of the observations or deficiencies notified so requires.

Extension period for the opening of a branch
Art. 6.- The entity may submit to the Superintendency a request for extension of the period indicated in the fifth paragraph of Article 5 of these Standards, before the expiration of said period, expressing the grounds on which it is based and proposing, if applicable, the relevant proof. The extension period may not exceed ten business days and will begin from the next business day after the expiration date of the original period.

Suspension of the period for the opening of a branch Art. 7.- The thirty-day period indicated in the first paragraph of Article 5 of these Standards will be suspended for the days that elapse between the notification of the request for information or documentation referred to in the second and fifth paragraphs of said article, until the observations required by the Superintendency are remedied.

Communication of the non-objection resolution
Art. 8.- The Superintendency will proceed to object or not to said request, and must notify the corresponding resolution regarding the branch opening project within a maximum period of three business days from the date the resolution is issued.

Once the non-objection resolution is communicated, the entity will have a period of one hundred eighty business days from the day following the notification to open the branch, said period may be extended by thirty more days, at the request of the interested entity.

Entities interested in the opening of a branch, once informed to the Superintendency in accordance with what is established in Article 4 of these Standards, and once the non-objection resolution is obtained from it, must communicate to their clients through the means and/or channels defined by it, the opening date thereof, which will be within the periods established in the second paragraph of this article.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025

Closure of branch
Art. 9.- For the closure of a branch, the interested entity must inform the Superintendency through the means made available by it, which may be electronic, the following:
a) Date when public service will cease; b) Justification duly documented regarding the decision to close that is intended to be made; and c) Copy of the measures adopted to inform users about the termination of the branch's services and about the options for service at other branches.

Banks, Savings and Credit Societies, branches of foreign banks, as well as the Agricultural Development Bank, the Mortgage Bank of El Salvador, and the Development Bank of the Republic of El Salvador, must present to the Superintendency the documents through the means made available by it, which may be electronic. Likewise, they must inform their clients, users, and the general public, at least sixty days in advance, of the closure of their branches and publish it through a printed medium of national circulation or another digital publication platform with greater or equal coverage or on their website, in accordance with what is established in the current legal framework. The aforementioned entities must indicate in the publications, alternatives for serving their clients at other branches or offices.

Investment Banks must present to the Superintendency the documents through the means made available by it, which may be electronic. Likewise, they must inform their clients, users, and the general public, at least sixty business days in advance, of the closure of their branches and publish it through a printed medium of national circulation or another digital publication platform with greater or equal coverage or on their website, in accordance with what is established in the current legal framework. The aforementioned entities must indicate in the publications, alternatives for serving their clients at other branches or offices. (1)

Cooperative Banks must present to the Superintendency the documents in writing or through the means made available by it, which may be electronic, as well as inform their clients, users, and the general public, at least thirty days in advance, of the closure of their branches and make the publications through a printed medium of national circulation or another digital publication platform with greater or equal coverage or on their website, in accordance with what is established in the current legal framework. The aforementioned entities must indicate in the publications, alternatives for serving their clients at other branches or offices.

Upon receipt of the documentation in accordance with the aforementioned letters, the Superintendency will proceed to verify compliance with the requirements defined therein, having a maximum period of thirty days from the next business day after the documentation for the branch closure was presented.

If the information is not received complete and in due form, as detailed in this article, the Superintendency, due to the lack of necessary requirements, may require the entity to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the entity, when there are reasons justifying it.

The Superintendency in the same notice will indicate to the entity that if it does not complete the information within the aforementioned period, it will proceed without further procedure to archive the documentation, leaving their right to present it again intact.

If after analyzing the documentation presented, in accordance with what is established in this article, the Superintendency has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be proven, the Superintendency may notify the entity to remedy the deficiencies communicated or present additional documentation or information requested.

The entity will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the information requested by the Superintendency.

The Superintendency may, through a reasoned resolution, extend the period indicated in the previous paragraph by up to another ten business days, when the nature of the observations or deficiencies notified so requires.

In the event that the closure of a branch is prolonged beyond the date projected by the entity and duly valued by the Superintendency, the closure may be carried out after the previously established date.

In situations of force majeure or fortuitous event in accordance with what is established in Article 17 of these Standards or other exceptional circumstances duly

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON OPENING, OPERATION, AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 12/19/2024 Validity: 01/03/2025

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON THE OPENING, OPERATION AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 19/12/2024 Effective Date: 03/01/2025

analyzed by the Superintendencia, the closure of branches of the entities may be carried out before the previously defined closure date according to the deadlines indicated in the first paragraph of this article. Art. 10.- The openings or closures of branches that due to force majeure or fortuitous event are delayed or anticipated by one day or more and that affect clients, users and the general public, must be communicated to the Superintendencia through the means that it establishes for such purposes. Extension of the deadline for branch closure Art. 11.- The entity may submit to the Superintendencia a request for an extension of the deadline indicated in the ninth paragraph of article 9 of these Standards, before the expiration of said deadline, stating the grounds for the request and proposing, if applicable, the relevant proof. The extension period may not exceed ten business days and will begin on the business day following the expiration date of the original deadline. (1) Suspension of the deadline for branch closure Art. 12.- The thirty-day period indicated in the fifth paragraph of article 9 of these Standards, will be suspended for the days that elapse between the notification of the request for information or documentation referred to in the sixth and ninth paragraphs of the said
article, until the observations required by the Superintendencia are resolved. (1)
Notification of the non-objection resolution
Art. 13.- The Superintendencia will proceed to notify the resolution of non-objection to the closure of a branch within a maximum period of three business days from the date the resolution is issued.

Closure of an establishment
Art. 14.- The entity that must close an establishment due to a fortuitous event, must communicate this immediately to the public and to the Superintendencia, justifying the reasons for the closure.
CHAPTER III
OPERATION

Security measures
Art. 15.- Branches and their establishments must meet the necessary security conditions and attention to users, all in accordance with the security and protection policies of the central offices and branches, issued by the board of directors or the corresponding body of the entity.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON THE OPENING, OPERATION AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 19/12/2024 Effective Date: 03/01/2025 For security measures, the entity must consider, among other aspects, the nature and importance of the financial activity, the location, the concentration of its clients and the volume of transactions or values they handle, so that the integrity of users of financial services, employees and the entity's assets is safeguarded, and branches must meet the following minimum security measures:
a) The construction of the premises must be of mixed system or similar with doors and outer windows protected. In case the construction of the premises is different from the indicated one, the entity must present the justifications for the case; b) The premises must have a reinforced concrete vault with a security door to store cash, valuables and accounting records. In case the entity opts for having a safe deposit box, as a substitute measure, it must present the measures of reinforcement adopted in the area where said safe deposit box will be installed; c) Install dual control systems for the security door to which access is granted to the vault or safe deposit box; d) Install adequate alarm systems for the branch or establishment and have an emergency exit. In the case of alarm systems, they must implement at least: video cameras, motion sensors, panic buttons, among others that the entity considers pertinent; e) Maintain fire extinguishers located in accordance with the established security measures ensuring that they are suitable for the environment; f) In case the branch or establishment provides drive-through banking services, these must have lockers with bulletproof glass; g) Maintain security personnel during office hours, in charge of the surveillance and protection of the premises. During hours outside of office, the entity may implement substitute security measures to the surveillance of security personnel; h) The entrance doors must be equipped with two locks with coded keys or security locks, in order to require the presence of two people designated according to the risk assessment at the time of opening and closing their operations; and i) It will be ensured that the properties occupied by the branches have areas of parking for armored vehicles that arrive to deliver or pick up funds, as well as for users of the entity's services. Establishments dependent on branches where banking operations and services are offered must meet the necessary security conditions and attention to users in accordance with the policies of each entity. The Superintendencia will evaluate security measures when it deems necessary. The Development Bank of the Republic of El Salvador, its branches or offices, are excluded from compliance with letters b), c) and h) of this article.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON THE OPENING, OPERATION AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 19/12/2024 Effective Date: 03/01/2025 Branches and Establishments Art. 16.- Branches or establishments may be located within commercial establishments and may set their schedules in accordance with the requirements of commerce, making them known to the Superintendencia and notifying the public. When branches or establishments are located within commercial establishments, the space corresponding to the branch or establishment within the facilities of the commerce in question must be clearly delimited, in order to avoid confusion between the commercial establishment and the banking establishment. They must also have independence for the use of computer and communication systems, databases and personnel, that is, there cannot be joint action between the entity and the commercial establishment. Entities that intend to offer their services in the facilities of commercial establishments must not restrict to their exclusivity the financial services agreed upon with them; the contract that is signed between the entity and the commercial establishment must contain the obligations to which the commercial establishment is subject, considering that within its facilities it will have the services of a financial entity governed by special provisions for its operation.

Mandatory operation
Art. 17.- Branches and establishments are extensions of the entities, consequently, their operation is mandatory and they cannot terminate their operations, without prior authorization from the Superintendencia. Branches and establishments will maintain at least the minimum public service hours, which must be made known through visible signs located in the offices, and will be guided by the closure days established by the Superintendencia. The temporary suspension of operations by a branch or establishment requires prior authorization from the Superintendencia. The entity must submit to the Superintendencia a request through the means made available by it, which may be electronic, at least thirty days in advance, stating the reason for the temporary closure and presenting the relevant supporting documentation. Contingency plans Art. 18.- Entities must have a detailed contingency plan that allows them to preserve the continuity of their operations and minimize losses.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON THE OPENING, OPERATION AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 19/12/2024 Effective Date: 03/01/2025 In the event that contingent, fortuitous or force majeure events occur, that force the closure of their daily operations, the entity must notify immediately to the Superintendencia through the means that it establishes for such purposes, the suspension of services and communicate to the public in which other branches and offices the services will be attended. The entity must keep archived copies of insurance policies and covered risks that it contracts for new branches opened, and said copies will be subject to review and verification in on-site supervision visits carried out by the Superintendencia. For the contingent, fortuitous or force majeure cases referred to in the previous paragraph, the following may be established:
a) Seismic movements or earthquakes; b) Floods; c) Fires; d) Hurricanes; e) Robberies; f) Takeovers of premises or buildings; g) Suspensions of energy or any other essential service; and h) Other contingent, fortuitous or force majeure cases that disable the development of the daily operations of the branch.

Review of contingency plans
Art. 19.- Entities must, periodically, review and follow up on their plans in case of eventualities or disasters with the object of verifying if such plans are coherent with the operations and commercial strategies of the entity. In addition, these plans must be tested annually to ensure that the entity can execute them in case of a probable and serious interruption of its activities.

Identification of branches
Art. 20.- Branches and establishments must be fully identified with the name of the entity. When advertising financial products is used, the name of the entity must appear in such a way that users of the services financial services can fully distinguish and without any confusion, the name of the entity that originates them. Notarial freedom and legal provisions Art. 21.- Branches and establishments that entities open throughout the country must respect, in their contracts, the notarial freedom of their clients and users and avoid, in turn, notarial concentration that goes against such freedom.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON THE OPENING, OPERATION AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 19/12/2024 Effective Date: 03/01/2025 The Consumer Protection Law establishes that the designation of the notary that the consumer expresses in writing to formalize the credit granted to them must be respected; to said professional, neither directly nor indirectly limit or delay the exercise of their function; which also does not imply charging any amount for reviewing their draft deeds, if they have been required. In addition, in their operations, they must comply with the applicable legal and regulatory provisions, particularly those related to consumer protection and those established against Money Laundering and Asset Forfeiture, Terrorism Financing and Financing of the Proliferation of Weapons of Mass Destruction for all of which, their personnel must be periodically trained.
CHAPTER IV
OTHER PROVISIONS AND EFFECTIVE DATE
Branches and establishments in operation
Art. 22.- Branches and establishments that are operating at the time these Standards come into effect, will continue with the same services. In the case of establishments that intend to expand their operations and financial services, the entity must inform thirty business days in advance to the Superintendencia the limits of operations and services they will provide, as well as the human and operational resources they will have to perform them.

Sanctions
Art. 23.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law of Supervision and Regulation of the Financial System.
Repeal
Art. 24.-
-14), approved on May 5, 2010 by the Board of Directors of the Superintendencia del Sistema Financiero, whose Organic Law was repealed by Legislative Decree No. 592 which contains the Law of Supervision and Regulation of the Financial System, published in the Official Journal No. 23, Volume No. 390, dated February 2, 2011. Transitory Art. 25.- Requests presented in accordance with what is established in -14) and that were pending at the time these Standards come into effect, will continue and conclude in accordance with the regulations with which they began.

CNBCR-11/2024
NRP-84
TECHNICAL STANDARDS ON THE OPENING, OPERATION AND CLOSURE OF BRANCHES OF FINANCIAL ENTITIES Approval: 19/12/2024 Effective Date: 03/01/2025 Unforeseen aspects Art. 26.- Aspects not provided for in regulatory matters in these Standards will be resolved by the Central Bank, through its Standards Committee.

Effective Date
Art. 27.- These Standards will come into effect as of January three, two thousand twenty-five.
MODIFICATIONS:
(1) Modifications in the considerations VIII, XIV, XV and XVI, incorporation of the considerations XVII, XVIII, XIX, and modifications in articles 2, 9, 11 and 12, approved by the Standards Committee of the Central Reserve Bank of El Salvador, in Session No. CN08/2025, on September thirty, two thousand twenty-five, with effect from October fifteen, two thousand twenty-five.