Regulatory Alerts2020-03-31 | CD-SIBOIF-1164-1-MAR31-2020Norm for the Voluntary Transfer of Financial Institution to Microfinance Institution
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution No. CD-SIBOIF-1164-1-MAR31-2020 to establish the requirements for financial institutions to voluntarily transfer their supervision from SIBOIF to the National Commission of Microfinance (CONAMI). The regulation mandates that applicants submit specific documentation, including shareholder resolutions, creditor authorizations, and audit certifications, to prove they do not hold public deposits and intend to operate as Microfinance Institutions under Law No. 769. Upon approval, the Superintendence revokes the financial license, requiring the entity to publish the resolution and update its corporate registry to reflect its new status as a microfinance entity.