Regulatory Alerts2024-01-01 | JPRF-V-2024-0133JPRF-V-2024-0133 — Derogation of provisions related to the inability to back vehicle credit with commercial trust agreements
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-V-2024-0133 to formally repeal Chapter II of its Codification of Resolutions, which previously prohibited financial institutions from establishing commercial trusts as collateral for vehicle loans. This derogation aligns current regulations with Article 195 of the Organic Law for Economic Development and Fiscal Sustainability, which amended the Securities Market Law to explicitly permit vehicle financing operations backed by such trusts. The resolution takes effect immediately upon issuance and mandates the Superintendency of Companies, Securities and Insurance to communicate the change to supervised entities.
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