Regulatory Alerts2024-01-01 | JPRF-F-2024-0109JPRF-F-2024-0109 — Establishes Requirements for the Constitution of Specialized Societies for Deposits and Electronic Payments (SEDPES)
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2024-0109 to establish the regulatory framework for the constitution of Specialized Societies for Deposits and Electronic Payments (SEDPES). The resolution mandates that SEDPES must be incorporated as anonymous societies or foreign branches domiciled in Ecuador, with a minimum paid-in capital of USD 500,000 and a single corporate purpose limited to facilitating electronic payments and financial transfers. These entities are required to obtain operational authorization from the Central Bank of Ecuador and a license from the Superintendence of Banks before commencing activities.
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