Regulatory Alerts2024-01-01 | JPRF-F-2024-099Resolution No. JPRF-F-2024-099 — Reforming the Approval of Budgets for Public Financial Sector Entities by the Financial Policy and Regulation Board
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-F-2024-099 to reform the regulatory framework governing the approval of budgets for public financial sector entities. The resolution establishes new submission deadlines, requiring most entities to submit internally approved budgets by October 31 of the preceding year, while the Social Security Institute Bank must submit by November 30. Additionally, it mandates the inclusion of specific financial sustainability indicators and favorable opinions from public finance authorities, while providing a one-time extension until April 30, 2024, for the 2024 budget submissions.
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