Regulatory Alerts1993-10-21 | B 93/5Added · Updated
Circular B 93/5 on Independent Agents of Credit Institutions
The Banking and Finance Commission updates the regulatory framework for independent agents of credit institutions, replacing the July 1987 circular with new rules effective immediately. The document mandates exclusivity, requiring agents to represent only one credit institution except for lending and leasing activities, and prohibits combining this role with stockbroking or exchange transactions for one's own account. It imposes strict contractual, administrative, and supervision obligations on credit institutions, including mandatory written contracts, customer information protocols, and unannounced internal inspections. Existing agreements must be adapted to comply with these standards by 30 June 1994.
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