JPRF-F-2025-0145 — Extraordinary and Temporary Financial Relief Mechanism for Public and Private Financial Sectors and Popular and Solidarity Financial Sector

Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas Governmental Financial Management Platform. Red Block, 8th floor
| Postal Code: 170507 | Quito - Ecuador |
Resolution No. JPRF-F-2025-0145
THE FINANCIAL POLICY AND REGULATION BOARD
CONSIDERING:
That, Article 82 of the Constitution of the Republic establishes the right to legal certainty, which is based on respect for the Constitution and the existence of prior, clear, public laws and regulations applied by competent authorities; That, Article 84 of the Magna Carta provides that any body with normative power shall have the obligation to adapt, formally and materially, laws and other legal norms to the rights provided for in the Constitution; That, Article 132, number 6 of the Constitution of the Republic of Ecuador grants to public control and regulation bodies the power to issue norms of a general nature in the matters within their competence, without being able to alter or innovate legal provisions; That, Article 226 of the Fundamental Norm mandates that State institutions, their bodies, dependencies, public servants and persons who act by virtue of a State power shall exercise only the competencies and powers attributed to them in the Constitution and the law; That, Article 227 ibid states that the Public Administration constitutes a service to the community that is governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, participation, and among others; That, Article 283 of the Constitution of the Republic defines the economic system as social and solidary, recognizes the human being as the principle and end, and advocates a balanced relationship between the State, the market and society; That, Article 308 of the Constitution of the Republic of Ecuador prescribes that Financial Activities are a service of public order; That, Article 309 of the Fundamental Norm indicates that “the National Financial System is composed of the public, private, and popular and solidarity sectors (…)”. Each of these sectors will have specific and differentiated control bodies and entities, which will be responsible for preserving their security, stability, transparency and solidity; That, Article 13 of the Organic Monetary and Financial Code, Book I, created the Financial Policy and Regulation Board, part of the Executive Function and as a public law entity, responsible for the formulation of credit, financial, securities, insurance, and prepaid comprehensive health care services policy and regulation; That, numbers 2 and 3 of Article 14 of the Organic Code stipulate that the Financial Policy and Regulation Board has competence to: “2. Issue regulations that allow maintaining the integrity, solidity, sustainability and stability of the national financial, securities, insurance and prepaid comprehensive health care services systems in accordance with what is provided in article 309 of the Constitution of the Republic of Ecuador; 3. Issue micro-prudential regulations for the national financial, securities, insurance and prepaid comprehensive health care services sectors, based on proposals presented by the respective superintendencies, within their respective scopes of competence and without prejudice to their
independence”;

Resolution No. JPRF-F-2025-0145

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas Governmental Financial Management Platform. Red Block, 8th floor
| Postal Code: 170507 | Quito - Ecuador |
That, Article 14.1 of the aforementioned Organic Code, orders the Financial Policy and Regulation Board to comply with the following powers, among which are: “1. Regulate the creation, constitution, organization, activities, operation and liquidation of financial entities; (…); 7. Issue the prudential regulatory framework to which financial entities, securities, insurance and prepaid comprehensive health care services must be subject, framework that must be coherent, not give rise to regulatory arbitrage (…); (…); 27. Exercise the other functions, duties and powers assigned to it by this Code and the law.”; That, Article 150 of the aforementioned Code prescribes that entities of the national financial system will be subject to the regulation issued by the Financial Policy and Regulation Board; That, the Twenty-Ninth General Provision of the Organic Monetary and Financial Code, Book I, added by the Organic Law Reforming the Organic Monetary and Financial Code for the Defense of Dollarization, provides that in the current legislation where mention is made of the “Monetary and Financial Policy Board”, it shall be replaced by “Financial Policy and Regulation Board”; That, the Fifty-Fourth Transitional Provision of the aforementioned normative body establishes that the resolutions contained in the Codification of Monetary, Financial, Securities and Insurance Resolutions of the Financial Policy and Regulation Board, of the Securities and Insurance Policy and Regulation Board of the Monetary and Financial Policy Board, will maintain their validity until the Monetary Policy Board and the Financial Policy and Regulation Board decide what corresponds, within the scope of their competencies; That, the Organic Law to Promote the Economy of Women Entrepreneurs of Ecuador, published in the Official Register No. 758 of March 10, 2025, aims to promote the economic empowerment of women entrepreneurs, in all their diversity, through the creation of financial, fiscal and social mechanisms that promote their access to resources, training and markets, guaranteeing equal opportunities in the economic sphere promoting the entrepreneurial and financing culture to strengthen the entrepreneurial ecosystem; That, the Tenth Transitional Provision of the aforementioned Law provides that Institutions of the national financial sector will apply financial relief alternatives in favor of their debtors, establishing programs for extraordinary deferment of financial obligations for six months. For this purpose, it establishes that the Financial Regulation Board will issue the corresponding norm to regulate these temporary and extraordinary deferment programs, starting from March 31, 2025; That, Article 15 of the Organic Administrative Code recognizes the principle of responsibility, in which it is established that: “The State will be liable for damages as a result of the lack or deficiency in the provision of public services or the actions or omissions of its public servants or
private law subjects who act in the exercise of a public power by delegation of the State and their dependents, controlled or contractors”; That, on December 23, 2024, the Financial Policy and Regulation Board issued Resolution No. JPRF-F-2024-0134 which modifies Section VII “Extraordinary and temporary financial relief mechanism for the public and private sectors” of Chapter XVIII “Asset classification and provisioning by entities of the public and private financial sectors under the control of the Superintendency of Banks” and Chapter LXI “Extraordinary and temporary financial relief mechanism applicable to the financial sector of the popular and

Resolution No. JPRF-F-2025-0145

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas Governmental Financial Management Platform. Red Block, 8th floor
| Postal Code: 170507 | Quito - Ecuador |
solidary economy” of Title II “National Financial System”, Book I “Monetary and Financial System” of the Codification of Monetary, Financial, Securities and Insurance Resolutions; That, the Technical Secretary of the Financial Policy and Regulation Board, through Memorandum No. JPRF-ST-2025-0019-M of March 28, 2025, submits to the President of the Board the Technical-Legal Report No. JPRF-CTCJ-2025-002 of March 28, 2025; as well as the draft resolution; That, the Financial Policy and Regulation Board, in an ordinary session held by technological means, convened on March 28, 2025 and carried out through video conference on March 31, 2025, reviewed Memorandum No. JPRF-ST-2025-0019-M of March 28, 2025, issued by the Technical Secretary of the Board; as well as Technical-Legal Report No. JPRF-CTCJ-2025-002 of March 28, 2025, issued by the Technical Coordination of Policy and Regulation of the Financial System and by the Legal Coordination of Policy and Financial Norms, and the corresponding draft resolution; That, the Financial Policy and Regulation Board, in an ordinary session held by technological means, convened on March 28, 2025 and carried out through video conference on March 31, 2025, reviewed and approved the following Resolution; and, In exercise of its functions, RESOLVES:
ARTICLE FIRST.- Substitute the text of Article 29 of Section VII “Extraordinary
and temporary financial relief mechanism applicable to the public and private financial sectors”,
Chapter XVII “Asset classification and provisioning by entities of the public and private financial sectors under the control of the Superintendency of Banks”, Title II “National Financial System”, Book I “Monetary and Financial System” of the
Codification of Monetary, Financial, Securities and Insurance Resolutions, with the following:
“The temporary and extraordinary deferment of credit operations is the process by which entities of the public and private financial sectors postpone for up to one hundred eighty (180) days the payment of installments due for operations active as of March 31, 2025 or at the moment of the implementation of the mechanism. Deferred installments may be transferred to the end of the corresponding amortization schedule, and financial entities may determine whether or not to charge interest on deferred installments, the condition of which must be expressly notified to the client. This deferment mechanism may be applied until September 30, 2025. This deferment mechanism may be carried out at the request of the client or by initiative of the creditor financial entities, applying notification and implementation procedures that are appropriate. The deferment will be applied when the client indicates their acceptance expressly, by any means. The temporary and extraordinary deferment of credit operations does not constitute a new operation and, therefore, no legal costs or fees will be charged, and deferred installments will not generate late interest.”
ARTICLE SECOND.- Substitute the text of Article 3 of Chapter LXI “Extraordinary
and temporary financial relief mechanism applicable to the popular and solidarity financial sector”, Title II “National Financial System”, Book I “Monetary and Financial System” of the Codification of Monetary, Financial, Securities and Insurance Resolutions, with the following:

Resolution No. JPRF-F-2025-0145

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Address: Av. Amazonas between Pereira and Unión Nacional de Periodistas Governmental Financial Management Platform. Red Block, 8th floor
| Postal Code: 170507 | Quito - Ecuador |
“The temporary and extraordinary deferment of credit operations is the process by which entities of the popular and solidarity financial sector postpone for up to one hundred eighty (180) days the payment of installments due for operations active as of March 31, 2025 or at the moment of the implementation of the mechanism. Deferred installments may be transferred to the end of the corresponding amortization schedule, and financial entities may determine whether or not to charge interest on deferred installments, the condition of which must be expressly notified to the client or member. This deferment mechanism may be applied until September 30, 2025. This deferment may be carried out at the request of the client or member, or by initiative of the creditor financial entities, applying notification and implementation procedures that are appropriate. The deferment will be applied when the client or member indicates their acceptance expressly, by any means. The temporary and extraordinary deferment of credit operations does not constitute a new operation and, therefore, no legal costs or fees will be charged, and deferred installments will not generate late interest.” FINAL PROVISION.- This Resolution will enter into force from the present date, without prejudice to its publication in the Official Register. Publish this Resolution on the website of the Financial Policy and Regulation Board, within a maximum term of two days from its issuance. NOTIFY.- Given in the Metropolitan District of Quito, on March 31, 2025. THE PRESIDENT, Mgs. María Paulina Vela Zambrano The preceding Resolution was processed and signed by Master María Paulina Vela Zambrano, President of the Financial Policy and Regulation Board, in the Metropolitan District of Quito, on March 31 2025.- I CERTIFY. TECHNICAL SECRETARY, Mgs. Luis Alfredo Olivares Murillo