JPRFM-2026-034-V — Approves the Incorporation of Section II "Parameters and Asset Limits for the Administration of Investment Funds" to Chapter III "Fund and Trust Administration Companies" of the Codification of Monetary, Financial, Securities and Insurance Resolutions

RESOLUTION No. JPRFM-2026-034-V
THE BOARD OF FINANCIAL AND MONETARY POLICY AND REGULATION CONSIDERING:
That, Article 226 of the Constitution of the Republic of Ecuador prescribes that public servants and persons acting by virtue of a state power shall exercise only the competencies and faculties attributed to them in the Constitution and the Law; That, Article 227 ibid states that Public Administration constitutes a service to the community that is governed by the principles of effectiveness, efficiency, quality, hierarchy, coordination, planning, among others; That, the first clause 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 Function and will be implemented through the Central Bank of Ecuador; That, Article 309 of the Constitution of the Republic establishes 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 norms and entities, which will be responsible for preserving their security, stability, transparency, and solidity; That, on October 13, 2025, the Organic Reform Law of the Organic Monetary and Financial Code was published in the Sixth Supplement of the Official Register No. 142; That, Article 13 of the Organic Monetary and Financial Code creates the Board of Financial and Monetary Policy and Regulation, part of the Executive Function, as an organ 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 Board of Financial and Monetary Policy and Regulation will be the highest governing body of the Central Bank of Ecuador; That, Article 17 of the aforementioned Code, in its pertinent part, determines that:
"(...) For the fulfillment of these functions, the Board will issue norms in the matters within its competence, without being able to alter legal provisions.
The Board of Financial and Monetary Policy and Regulation may issue regulations by segments, economic activities, and other criteria. It may even reform or repeal regulations from the former Board of Monetary and Financial Policy and Regulation, the Board of Financial Policy and Regulation, or the Board of Monetary and Financial Policy and Regulation. All norms and policies issued by the Board of Financial and Monetary Policy and Regulation in the exercise of its functions, duties, and faculties must be backed by duly substantiated technical and legal reports (...)"; That, Article 18 ibid establishes the specific functions of the Board of Financial and Monetary Policy and Regulation in the financial sphere, especially in numeral 2 it authorizes this Institution to issue regulations that allow maintaining the integrity, solidity, sustainability, and stability of the national financial, securities, insurance, and prepaid comprehensive health care services systems; That, Article 24 of the same Code provides that the acts of the Board of Financial and Monetary Policy and Regulation 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 matter; That, Article 25.2 ibid determines that the Technical Secretariat of the Board of Financial and Monetary Policy and Regulation is exercised by the Central Bank of Ecuador, and Article 25.3 establishes as its functions the elaboration of technical and legal reports that support regulation proposals, provide technical and administrative support to the Board of Financial and Monetary Policy and Regulation, and the others assigned to it by said Board; That, General Provision Twenty-Ninth ibid states: "In current legislation where mention is made, indistinctly, of the Board of Monetary and Financial Policy and Regulation, the Board of Monetary Policy and Regulation; or, the Board of Financial Policy and Regulation, replace and understand as 'Board of Financial and Monetary Policy and Regulation'; That, Article 9 of Book II of the Organic Monetary and Financial Code (Securities Market Law) determines in its numerals 6 and 7 that the Board of Financial and Monetary Policy and Regulation is the entity authorized to regulate the creation and functioning of fund and trust administrators, as well as the services they provide; as well as, it is the entity authorized to establish the parameters, indices, ratios, and other norms of solvency and financial prudence and control for the entities regulated in this Law; That, the second numeral of Article 2 of the Organic Reform Law of the Organic Monetary and Financial Code substituted the second clause of Article 99, through which the Board of Financial and Monetary Policy and Regulation was authorized to determine the parameters and limits on which fund and trust
administrators may administer investment funds; That, First Transitional Provision of the Organic Reform Law of the Organic Monetary and Financial Code determines that the members of the Board of Financial and Monetary Policy and Regulation, sworn in on September 16, 2025 by the National Assembly, will continue to exercise their functions for the periods 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 Board of Financial and Monetary Policy Regulation 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 Board of Financial and Monetary Policy and Regulation, 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 Board of Financial and Monetary Policy and Regulation, through ordinary reserved session No. 018-2026, in person mode, on August 20, 2026, reviewed the proposal sent via Memorandum No. BCE-BCE-2026-0351-M, of August 19, 2026, by the General Manager of the Central Bank of Ecuador to the President of the Board of Financial and Monetary Policy and Regulation; as well as, Technical Report No. BCE-GESFM-003-2026 / BCE-SEMV-001-2026, of August 18, 2026; and, Legal Report No. BCE-GJ-085-2026, of August 18, 2026; and, In exercise of its functions and in attention to Article 24 of the Organic Monetary and Financial Code, the Board of Financial and Monetary Policy and Regulation, RESOLVES:
Sole Article. - Incorporate immediately after Section I "Fund and Trust Administrators", Chapter III "Fund and Trust Administration Companies", Title XII "Institutional Investors"; Book II "Securities Market" of the Codification of Monetary, Financial, Securities and Insurance Resolutions, the following section:

"SECTION II: ASSET PARAMETERS AND LIMITS FOR THE ADMINISTRATION OF INVESTMENT FUNDS
Article 33.- Parameters and limits for administering investment funds.- Authorized Fund and Trust Administration Societies authorized to administer investment funds, whether these are: managed, collective, traded, capital, must comply at all times with the parameters and limits established in this article.

1. Parameters:
   Minimum Equity: will be determined by the sum of the following components:
   a) Fixed component: corresponding to the minimum subscribed capital required for Fund and Trust Administration Societies authorized to administer investment funds, equivalent to four hundred thousand United States dollars (USD 400,000.00), as provided in numeral 1 of Article 4 of Title I "General Provisions", Book II "Securities Market", of the Codification of Monetary, Financial, Securities and Insurance Resolutions, which establishes the minimum capital for their constitution and authorization of operation; and, b) Variable component: corresponding to the value determined on the net equity of the investment funds administered by the Fund and Trust Administration Societies, applying progressively and cumulatively according to the following percentages:
   i). One point eight one percent (1.81%) on the amount of net equity administered that exceeds zero dollars (USD 0.00) up to fifty million United States dollars (USD 50,000,000); ii). One point sixty percent (1.60%) on the portion that exceeds fifty million United States dollars (USD 50,000,000) and up to one hundred fifty million United States dollars (USD 150,000,000); iii). One point twenty-five percent (1.25%) on the portion that exceeds one hundred fifty million United States dollars (USD 150,000,000) and up to three hundred million United States dollars (USD 300,000,000); iv). Zero point ninety-nine percent (0.99%) on the portion that exceeds three hundred million United States dollars (USD 300,000,000) and up to seven hundred million United States dollars (USD 700,000,000); and, v). Zero point eighty-eight percent (0.88%) on the portion that exceeds seven hundred million United States dollars (USD 700,000,000). For the purposes of this article, the administered net equity will correspond to the sum of the net equity of all investment funds administered by the respective Fund and Trust Administration Society. Regulatory Equity: will be determined by the sum of the balances registered in the following accounts of the financial statements:
   a) Account 301: Capital
   For the calculation of regulatory equity, the balance of the account is computed, deducting the minimum capital required for the constitution and authorization of operation of a Fund and Trust Administration Society with a social object other than the administration of investment funds; b) Account 303: Premium for primary issuance of shares; c) Account 304: Reserves; d) Account 306: Accumulated results; and, e) Account 307: Results of the exercise;
2. Limit:
   The regulatory equity of the Fund and Trust Administration Societies authorized to administer investment funds, determined in accordance with the provisions of this article, must be, at all times, equal to or greater than the minimum equity required. Non-compliance with said limit will constitute a breach of the prudential parameters established in this article."

GENERAL PROVISIONS
FIRST.- In cases of doubts that arise in the application of this Resolution, they will be resolved by the Superintendency of Companies, Securities and Insurance.

SECOND.- Fund and Trust Administration Societies authorized to administer investment funds whose regulatory equity is lower than the minimum equity required will not be able to distribute profits, reduce capital, make return of contributions, or carry out operations that decrease their regulatory equity, until they credibly demonstrate to the Superintendency of Companies, Securities and Insurance the restoration of compliance with the prudential parameters provided in this Resolution.

THIRD.- The Board of Financial and Monetary Policy and Regulation may periodically review the coefficients, ranges, and other parameters established in this article, considering the evolution of the market, the distribution of administered equities, the growth of the industry, and other prudential criteria that apply.

TRANSITIONAL PROVISIONS
FIRST.- The Superintendency of Companies, Securities and Insurance will communicate to the respective controlled entities the content of this Resolution, within a term of ten (10) days, counted from the issuance of this Resolution.

SECOND.- The Superintendency of Companies, Securities and Insurance will implement within a term of one (1) year, counted from the issuance of this Resolution, the technological tools and necessary structure, in order to control and supervise the compliance with the limits established for Fund and Trust Administration Societies authorized to administer investment funds.

THIRD.- Fund and Trust Administration Societies authorized to administer investment funds that, on the date of entry into force of this Resolution, do not maintain a regulatory equity equal to or greater than the minimum equity required in accordance with this norm, will have a term of up to two (2) years, counted from said date, to adapt to said requirement. For this effect, within a maximum term of one (1) month counted from the entry into force of this Resolution, the entities subject to this provision must present to the Superintendency of Companies, Securities and Insurance a regularization plan that contemplates the necessary measures to remedy the compliance of the required regulatory equity. The Superintendency of Companies, Securities and Insurance, through a general character norm, will establish the procedure for the presentation, evaluation, approval, follow-up, and reporting of compliance of the regularization plans referred to in this provision, and also for fund and trust administrators authorized to administer investment funds that cease to comply with the regulatory equity, within a term of one (1) month from the issuance of this resolution.

FINAL PROVISION. - This resolution will enter into force from its issuance, without prejudice to its publication in the Official Register.
It is entrusted to its publication on the institutional website and the update of the Codification of Monetary, Financial, Securities and Insurance Resolutions, to the General Secretariat of the Central Bank of Ecuador.
NOTIFY AND PUBLISH. - Given in the city of Quito D.M., on August 20, 2026.
THE PRESIDENT
Mgs. Gustavo Estuardo Camacho Dávila
The resolution above was processed and signed by Master Gustavo Estuardo Camacho Dávila - President of the Board of Financial and Monetary Policy and Regulation, in the city of Quito D.M., on August 20, 2026.- I CERTIFY.
TECHNICAL SECRETARIAT
Law. Ninoska Geovanna Ceballos Pin