Regulatory Alerts2024-01-01 | JPRF-V-2024-097Resolution JPRF-V-2024-097: Regulation of Authorization, Issuance, Public Offering, Registration, and Maintenance of Exchange-Traded Fund Participation Quotas
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-V-2024-097 to establish the comprehensive regulatory framework for the authorization, public offering, registration, and ongoing maintenance of participation quotas for Exchange-Traded Funds (ETFs). The resolution mandates specific disclosure requirements in public offering prospectuses, defines active versus passive management strategies, and imposes strict monthly and semi-annual reporting obligations on fund administrators to ensure market transparency. Additionally, it creates a Surveillance Committee composed of investor representatives to oversee compliance and amends existing regulations regarding fund denominations and constitutive deeds to align with these new standards.