Regulatory Alerts2007-04-25 | CD-SIBOIF-476-1-ABR25-2007Added · Updated
Norm for the Transfer, Assignment or Acquisition of Shares of Supervised Financial Institutions
This regulation establishes the requirements and procedures for individuals or entities seeking authorization to acquire 5% or more of the capital stock in supervised financial institutions. It mandates that applicants submit detailed personal, professional, and financial documentation, including proof of lawful wealth origin, and prohibits the exercise of shareholder rights until the Superintendent's authorization is granted. The Superintendent has 30 business days to approve or deny requests, with silence constituting approval, and may grant exemptions for specific public or international entities. Additionally, transfers of less than 5% must be notified within 30 days, and existing owners are obligated to provide this norm to interested buyers.
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