Norm Authorizing Securities Clearing Houses to Accept Multilateral Development Organizations or Funds as Depositories

Page 1 of 2 Resolution No. CD-SIBOIF-990-1-MAR24-2017 Dated March 24, 2017 NORM FOR AUTHORIZING SECURITIES CLEARING HOUSES TO HAVE AS DEPOSITORIES MULTILATERAL ORGANISMS OR FUNDS FOR DEVELOPMENT

The Board of Directors of the Superintendence of Banks and Other Financial Institutions.

CONSIDERING

I

That Article 138 of Law No. 587, Capital Markets Law, published in La Gaceta No. 222, on November 15, 2006 (Capital Markets Law), establishes that the following national or foreign entities may be depositaries in authorized securities clearing houses: stock exchanges, banks, investment companies, financial companies, pension fund administrators, insurance companies, stock exchanges, securities clearing houses, financial lessors, deposit warehouses, investment fund management companies, securitization fund management companies, and any other entity authorized by the Board of Directors of the Superintendence.

II

That in accordance with the powers granted by the aforementioned Article 138, subsection m), this Board of Directors considers that the aforementioned list should include those entities, organizations, agencies, or multilateral funds for assistance and financial cooperation, whose purpose is to stimulate the economic growth of developing countries, which require custody services from a Securities Clearing House in the country.

In exercise of its powers,

RESOLVED

The following,

Resolution No. CD-SIBOIF-990-1-MAR24-2017 NORM FOR AUTHORIZING SECURITIES CLEARING HOUSES TO HAVE AS DEPOSITORIES MULTILATERAL ORGANISMS OR FUNDS FOR DEVELOPMENT

Page 2 of 2

Article 1. Purpose and Scope.- The purpose of this norm is to authorize Securities Clearing Houses to have as direct depositaries, in addition to the entities listed in the Capital Markets Law, the multilateral assistance and cooperation funds, agencies, or organizations whose purpose is to stimulate the economic growth of developing countries; all in accordance with what is established in Article 138, subsection m) of the Capital Markets Law.

Article 2. Accreditation.- The aforementioned organizations, agencies, or funds must demonstrate to the depository securities clearing house that they meet the characteristics established in Article 1 of this norm.

All documentation presented by the interested parties that is in a language other than Spanish must be submitted with its corresponding translation, which must comply with what is stipulated in the national laws on the matter or with the laws of the country where the translation is carried out. Documents originating from abroad must meet the requirements established by the laws on the matter for them to have legal effects in the country.

Article 3. Validity.- This norm shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Diary. (signed) S. Rosales C. (signed) V. Urcuyo V. (signed) Gabriel Pasos Lacayo (signed) Fausto Reyes B. (signed) illegible (Silvio Moisés Casco Marenco) (signed) illegible (signed) Freddy José Blandón Argeñal (signed) U. Cerna B.

URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF