Regulatory Alerts2024-05-16
Added · Updated
Compilation of Operating Rules – Modification of Articles 166.1 and 166.2 of Book XIII, Sanctioning and Procedural Regime, effective June 1, 2024
The Central Bank of Uruguay modifies Articles 166.1 and 166.2 of Book XIII of the Compilation of Operating Rules to update sanctions for reserve requirement shortfalls and late or erroneous reporting. Article 166.1 establishes a punitive interest rate and progressive daily fines in Indexed Units (UI) based on the duration of reserve shortfalls for banks and cooperatives, with a minimum monthly fine of 70,000 UI, and a flat daily fine of 10,000 UI for financial houses and retail banks. Article 166.2 sets the daily fine for late or erroneous information submission at 0.0000025 of basic equity for banks under Article 155, and the amount defined in Article 673 for Articles 155.1 and 155.2. The resolution also repeals a provision from Communication No. 2024/028 that denied remuneration in all currencies for reserve violations in any currency, and these changes take effect for reserve obligations in the month following the resolution's approval.
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