Regulatory Alerts2021-08-03 | CD-SIBOIF-1262-3-AGOS3-2021Norm Reforming Article 6 of the Standard on Bonus Payments in Financial Institutions
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution No. CD-SIBOIF-1262-3-AGOS3-2021 to amend Article 6 of the Standard on Bonus Payments in Financial Institutions. The reform expands the Superintendent's authority to suspend or restrict bonus payments to include cases where the Superintendent authorizes deferred or gradual provisioning for assets. This measure aims to ensure prudential practices and protect the stability of financial institutions by linking compensation restrictions to specific regulatory and operational deficiencies.
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