Regulatory Alerts2015-03-25 | JB-2015-3315Resolution No. JB-2015-3315 of the Banking Board of Ecuador
The Banking Board of Ecuador issued Resolution No. JB-2015-3315 to reject the administrative review appeal filed by the administrator of the ASOPREP-FCPC closed complementary pension fund. The Board confirmed the directive from the National Social Security Intendancy requiring the fund to comply with Resolution SBS-2013-504 regarding the partial payout of employer contributions to former participants who left without meeting retirement requirements. This decision validates the regulatory requirement for the fund to return specific assets to the employer entity and warns of sanctions for continued non-compliance.
Share