Resolution No. JPRFM-2026-005-A: Operating Regulations of the Financial and Monetary Policy and Regulation Board

THE FINANCIAL AND MONETARY POLICY AND REGULATION BOARD

CONSIDERING:

That, Article 226 of the Constitution of the Republic of Ecuador provides that public servants and persons acting under state authority shall exercise only the competencies and powers attributed to them in the Constitution and the Law;

That, Article 227 of the same Constitution states that Public Administration constitutes a service to the community governed by principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others;

That, the first paragraph of Article 303 of the constitutional norm determines that the formulation of monetary, credit, exchange, and financial policies is the exclusive faculty of the Executive Branch and will be implemented through the Central Bank of Ecuador;

That, on October 13, 2025, the Organic Reform Law of the Organic Monetary and Financial Code was published in the Sixth Supplement of Official Register No. 142;

That, Article 13 of the Organic Monetary and Financial Code creates the Financial and Monetary Policy and Regulation Board, part of the Executive Branch, as an entity with functional, technical, and institutional autonomy, and in its decisions, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation. The Financial and Monetary Policy and Regulation Board will be the highest governing body of the Central Bank of Ecuador. Likewise, said article establishes that it will have a Secretariat, with sufficient equipment and personnel to fulfill its functions, independently of the Technical Secretariat;

That, Article 17 of the referred Code, in its pertinent part, determines that: “The Financial and Monetary Policy and Regulation Board has the following general functions:

1. Issue the regulations that govern the functioning of the Financial and Monetary Policy and Regulation Board, based on the provisions of this Code;
   (…)

To fulfill these functions, the Board will issue regulations in matters within its competence, without being able to alter legal provisions. The Financial and Monetary Policy and Regulation Board may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Monetary Policy and Regulation Board, Financial Policy and Regulation Board, or Monetary and Financial Policy and Regulation Board. All regulations and policies issued by the Financial and Monetary Policy and Regulation Board in the exercise of its functions, duties, and powers must be backed by duly substantiated technical and legal reports (...)

That, Article 24 of the same Code provides that the acts of the Financial and Monetary Policy and Regulation Board enjoy the presumption of legality and will be expressed through resolutions that will have mandatory force, which will govern from their publication in the Official Register, or from the date of their issuance when so determined by the Board, in accordance with the subject matter;

That, Article 25.2 of the same Code determines that the Technical Secretariat of the Financial and Monetary Policy and Regulation Board is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the preparation of technical and legal reports to support regulation proposals, provide technical and administrative support to the Financial and Monetary Policy and Regulation Board, and those other functions assigned to it by said Board;

That, through Resolution No. JPRF-A-2022-022, of March 16, 2022, reformed by Resolutions No. JPRF-A-2023-079, of September 25, 2023, and No. JPRF-A-2025-0149, of April 28, 2025, the former Financial Policy and Regulation Board issued its Operating Regulation;

That, through Resolution No. JPRM-2025-007-G, of July 16, 2025, the former Monetary Policy and Regulation Board issued the Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador, in which Title I “Functioning of the Monetary Policy and Regulation Board” contains Chapter I “Monetary Policy and Regulation Board”;

That, the First Transitory Provision of the Organic Reform Law of the Organic Monetary and Financial Code determines that the members of the Financial and Monetary Policy and Regulation Board, sworn in on September 16, 2025, by the National Assembly, will continue to exercise their functions for the periods for which they were designated and will maintain their labor continuity and acquired rights;

That, through Letter No. T.233-SGJ-25-098, of September 5, 2025, signed by the Constitutional President of the Republic, addressed to the President of the National Assembly, the list of candidates for the designation of the Members of the Financial and Monetary Policy and Regulation Board was sent; as well as, the temporality of their stay within the initial period;

That, the Plenary of the National Assembly, on September 16, 2025, designated and swore in the members of the Financial and Monetary Policy and Regulation Board, in the persons of: Gustavo Estuardo Camacho Dávila; Silvia Daniela Moya Arteta; Roberto Javier Basantes Romero; María Isabel Camacho Cárdenas; and, Jeniffer Nathaly Rubio Abril;

That, the Financial and Monetary Policy and Regulation Board, through ordinary session No. 004-2026, under hybrid modality, on February 27, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0062-M, of February 25, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Financial and Monetary Policy and Regulation Board, as well as the Legal Report No. BCE-GJ-016-2026, of February 25, 2026.

In exercise of its functions and in accordance with Article 24 of the Organic Monetary and Financial Code, the Financial and Monetary Policy and Regulation Board,

RESOLVES:

Sole Article. - Replace Chapter I “Monetary Policy and Regulation Board”, of Title I “Functioning of the Monetary Policy and Regulation Board” of the “Codification of Governance Resolutions of the Monetary Policy and Regulation Board and the Central Bank of Ecuador”, contained in Resolution No. JPRM-2025-007-G, of July 16, 2025, with the following text:

“TITLE I: OPERATING REGULATION OF THE FINANCIAL AND MONETARY POLICY AND REGULATION BOARD

CHAPTER I
ON OBJECT, SCOPE, AND PRINCIPLES

Article 1.- Object: This regulation aims to regulate the internal functioning of the Financial and Monetary Policy and Regulation Board.

Article 2.- Scope: This norm is applicable to the members of the Board and to persons who participate with voice but without vote. It also applies to the Technical Secretariat, the Board Secretariat, advisors, and other personnel for the fulfillment of their functions.

Article 3.- Principles: The Board, its members, and those intervening in the exercise of their functions shall guide their actions by the following principles:
a) Legality; b) Integrity; c) Independence; d) Impartiality; e) Transparency; f) Responsibility; and, g) Accountability and service to the general interest.
These principles will be applied striving at all times for the stability and sustainability of the monetary, financial, securities and insurance regimes, and prepaid comprehensive health care services systems, as well as the protection of users.

CHAPTER II
ON THE BOARD

Article 4.- Board: The Board is the body of the Executive Branch with domicile in the Metropolitan District of Quito, responsible for the formulation of monetary, credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation. The Board is the highest governing body of the Central Bank of Ecuador.
The collegial body is composed of five (5) full-time members, designated and sworn in by the National Assembly, who have voice and vote; and, they will last for the time for which they were designated, in accordance with the law.
The Board will elect, among its members, a President and a Substitute President, for a period of two (2) years, who may be reelected.
The position of Board member is incompatible with any other position or service in the private, public, and/or political party or movement sector, whether remunerated or not, with the exception of university teaching, a fact that must be brought to the knowledge of the Board Presidency.

Also participating in the Board's deliberations, with voice but without vote, are the Superintendent of Banks, the Superintendent of Companies, Securities, and Insurance, the Superintendent of Popular and Solidarity Economy, the President of the Board of Directors of the Deposit Insurance Corporation, Liquidity Fund, and Private Insurance Fund; and, a delegate from the entity in charge of public finances; who may delegate their participation, unless the participation of the holder is required. This requirement must be specifically detailed in the session call. Additionally, for Board sessions, the presence of the Technical Secretariat, represented by the General Manager of the Central Bank of Ecuador or their delegate, will be available. If the assistance of the Central Bank of Ecuador's technical areas is required for the sessions, to provide support, their participation will be requested. If the participation of natural persons, legal entities, or entities other than those referred to is required, they will be included in the respective call.

Article 5.- Functions and Powers: The functions and powers of the Board will be those established in the Organic Monetary and Financial Code and other applicable legal framework.
To fulfill these functions, the Board will resolve on matters within its competence without being able to alter legal provisions, and all resolutions issued in the exercise of its functions, duties, and powers must be backed by technical, legal, and, when appropriate, economic reports. In addition to those determined in the Organic Monetary and Financial Code, the Board has the following powers:

1. Constitute technical commissions, permanent or occasional, for the study and analysis of matters within its competence; and,
2. Those other powers granted by law.

Article 6.- Technical Commissions: Technical commissions may be permanent or occasional, and will be composed of representatives from public and/or private institutions, as well as natural or legal persons whose activity, experience, or specialization is directly related to the subject matter under analysis, and will necessarily include the Technical Secretariat of the Board.
Such commissions must present their reports to the Board, within the established deadlines and under the guidelines set by this collegial body.

The commissions referred to in this article will be formed through a duly motivated administrative act, in which the type of technical commission (permanent or occasional), the object or matter entrusted to its management, its scope, the deadline for fulfilling its functions, when applicable, and the identification of its members will be specified.

CHAPTER III
ON THE MEMBERS

Article 7.- Members: The members of the Board have the following rights and duties:

1. Present policy, regulation, or resolution proposals within their competence;
2. Receive calls in accordance with this instrument, with the corresponding documentation available for the proper development of sessions;
3. Obtain the information required to fulfill their functions, through their President;
4. Request the President, in a motivated manner and before the approval of the agenda in the respective session, the inclusion, modification, postponement, or exclusion of one or more agenda items.
5. Participate in deliberations during sessions;
6. Vote affirmatively or negatively on proposals presented in sessions. Abstention is not permitted;
7. Request the President, in a motivated manner, to suspend the convened session, in case of not having received the supporting information inherent to the topics to be addressed, with the exception of reserved sessions;
8. Inform the Board about the existence of a subsequent conflict of interest and excuse themselves from acting in the respective session or agenda item, as appropriate; and,
9. All others inherent to their status as members.

Article 8.- Actions of Members: The members of the Board, participants, invitees, and attendees to sessions will maintain confidentiality regarding matters known, treated, and deliberated upon therein; and, will not request, gather, or accept instructions from third parties.
Members must observe ethical conduct standards in the performance of their functions, must act with honesty, independence, impartiality, and without consideration for

their private interests.

CHAPTER IV
ON THE PRESIDENT

Article 9.- Functions: The functions of the President of the Board are the following:

1. Exercise the representation of the Board and act as President of the Board of Directors of the Central Bank of Ecuador;

2. Convoke, suspend, or close ordinary and extraordinary sessions of the Board; on their own initiative; or at the request of three or more of its members, or the General Manager of the Bank;

3. Install, preside over, and direct ordinary and extraordinary sessions of the Board;

4. Authorize the participation in Board sessions of natural persons, legal entities, or public and/or private entities, when required.

5. Execute and ensure compliance with Board decisions;

6. Supervise the actions of the Board Secretariat;

7. Propose to the Board the designation of the General Manager of the Central Bank of Ecuador;

8. Represent the Central Bank of Ecuador in international institutions and organizations where it is a member or shareholder, and in relations with the National Assembly and the Central Government;

9. Propose the agenda for ordinary and extraordinary sessions of the Board;

10. Present to the Board the proposals for norms, policies, and regulations or their reforms;

11. Call Board members to General Commission and coordination meetings, when required;

12. Ensure compliance with the norms, policies, and resolutions issued by the Board;

13. Review and process communications addressed to the Board and, when deemed pertinent, bring them to the knowledge of its members;

14. Sign documents concerning the Board Presidency and those corresponding to the exercise of its representation;

15. Sign jointly with the Technical Secretariat of the Board, the minutes of sessions and approved resolutions;

16. Authorize service commissions for Board members;

17. Answer queries posed to the Board with the technical and legal support of the Technical Secretariat, when necessary;

18. Resolve any internal matter of the Board not provided for in these regulations;

19. Comply with and enforce the content of this Regulation;

20. Appoint an ad hoc secretary, if required; and,

21. Exercise other functions indicated in the Organic Monetary and Financial Code, and those legally conferred.

Article 10.- Absence of the President: In case of temporary absence of the Board President, the Substitute President will replace them.
In case of definitive absence of the Board President, the Substitute President will replace them for the remainder of the incumbent's term.

CHAPTER V
ON THE TECHNICAL SECRETARIAT

Article 11.- Technical Secretariat: The Technical Secretariat of the Board will be exercised by the Central Bank of Ecuador. This Technical Secretariat is the instance responsible for providing technical and operational support; as well as, adequate support for the development of the collegial body's sessions, ensuring the organization, planning, coordination, follow-up, and traceability of adopted decisions; and, the management and custody of documentation generated or brought to the knowledge of the Board.
The Technical Secretariat will be exercised by the Central Bank of Ecuador, through its units, as determined by the General Manager, in accordance with the nature of the matters submitted to the Board's knowledge.

Article 12.- Functions: The Technical Secretariat will exercise the following functions:

1. Prepare technical, legal, and, when appropriate, economic reports to support the resolution proposals to be issued by the Board;
2. Propose and/or prepare, if applicable, the resolution proposals to be issued by the Board;
3. Conduct analysis of the impacts of the application of resolution proposals, as well as those resolutions approved;
4. Generate or collect information for the formulation of policies within the Board's competence;
5. Promote and coordinate the conduct of investigations or studies on various aspects within the Board's competence;
6. Provide technical and administrative support to the Board;
7. Conduct analysis of the relevance of regulatory proposals submitted by external entities, brought to the Board's knowledge;
8. Convoke and lead technical tables with public and private actors for the comprehensive analysis of regulatory proposals, in order to gather criteria, observations, and technical, legal, and, when appropriate, economic opinions that strengthen the support for the resolution projects to be issued by the Board;
9. Plan, coordinate, and direct the activities and functions to be exercised in its capacity as Technical Secretariat;
10. Act in Board sessions, with voice but without vote;
11. Issue calls for Board sessions, by order of its President;
12. Keep the minutes of sessions and maintain the Board's archives;
13. Certify the Board's resolutions; and,
14. Those other functions assigned by the Board, its President, and the law.
    For the exercise of the functions detailed in items 11, 12, and 13, the General Manager of the Central Bank of Ecuador will delegate to the head of the General Secretariat of the Institution, or their substitute, to exercise said functions with the same powers and responsibilities provided for in current regulations.

CHAPTER VI
ON THE BOARD SECRETARIAT

Article 13.- On the Board Secretariat: The Board will have a Secretariat, with sufficient equipment and personnel to fulfill its functions, independently of the Technical Secretariat.

Article 14.- Designation: The Board will appoint the Secretary, who will be a freely removable official.

Article 15.- Functions: The functions and powers of the Board Secretariat are the following:

1. Coordinate the follow-up and preparation of resolution projects in accordance with reports, proposals, and other inputs presented by all who have initiative;

2. Conduct follow-up on the regulatory project calendar, in accordance with legal norms and Board dispositions;

3. Coordinate with the administrative units of the Technical Secretariat, the provision of information required by the Board;

4. Coordinate with other obligated entities, the delivery of information inputs required by the Board, within their competence;

5. Inform the Board on the execution status and progress of regulatory projects determined by said collegial body;

6. Conduct follow-up on the implementation of resolutions issued by the Board;

7. Supervise the codification of Board resolutions;

8. Supervise the administrative units and personnel under their charge; and,

9. Those other functions assigned by the Board and its President.

Article 16.- Temporary Absence of the Secretary: In case of temporary absence of the Board Secretary, they must inform the President thereof and will be substituted by another official from said Secretariat.

CHAPTER VII
ON SESSIONS

Article 17.- Headquarters: The Board will have its headquarters in the city of Quito, in the facilities of the Central Bank of Ecuador, but may hold sessions anywhere, in person, mixed, virtual, or electronic, when so determined by the Board President, or at the request of three of its members, or the General Manager of the Bank.

Article 18.- Sessions: Sessions are the mechanism by which the Board may adopt decisions, in accordance with its functions and powers established by the current legal framework.
Board sessions will be held for the specific purpose of knowing, treating, and resolving, as appropriate, the points determined in the approved agenda.
Board sessions do not have the character of public; however, the confidentiality of sessions and resolutions, as appropriate, will apply only to topics so classified by the Board itself, in accordance with applicable regulations.
Board members and session participants will act autonomously, will not receive or accept instructions from third parties, and will maintain confidentiality regarding matters known, treated, and deliberated within the Board that have been classified as reserved. Members, participants, and invitees must sign the respective confidentiality agreement.

Article 19.- On Types: Board sessions will be ordinary and extraordinary:
a) Ordinary Sessions: The Board will hold ordinary sessions at least once a month. In these sessions, topics determined in the call will be addressed. Ordinary sessions will be called with a term of at least two (2) days in advance.

b) Extraordinary Sessions: The Board may hold extraordinary sessions, by order of its President, at the request of at least three of its members, or by the General Manager of the Central Bank of Ecuador. Only the agenda items determined in the call will be addressed, which cannot be modified. Extraordinary sessions will be called with at least one (1) day in advance, and may be held even on Saturdays, Sundays, and holidays.

Article 20.- On Acts: The acts of the Board are expressed in resolutions and do not require the concurrence of a distinct entity, nor approval by other organs or institutions of the State.
Only when decisions imply the use of resources f