Norm on Deadline for Updating the Share Capital of Securities Clearing Houses

Resolution No. CD-SIBOIF-468-5-FEBR28-2007
Dated February 28, 2007

NORM ON DEADLINE FOR UPDATING THE SHARE CAPITAL OF SECURITIES CLEARING HOUSES

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

CONSIDERING

I

That Article 4 of Law No. 587, "Capital Markets Law," published in La Gaceta, Official Gazette No. 222, of November 15, 2006, establishes that the Superintendence of Banks and Other Financial Institutions, in compliance with said Law, shall ensure transparency in securities markets and investor protection, regulating, supervising, and auditing said markets, as well as the activities of natural and legal persons who intervene directly or indirectly in them.

II

That Article 142 of the aforementioned Law 587 establishes that securities clearing houses must at all times have a minimum share capital, subscribed and paid in cash, of five million córdobas (C$5,000,000.00), an amount that may be adjusted every two years by this Board of Directors, in accordance with the variation of the official exchange rate of the national currency, or by adjustments dictated by the Superintendent, in order to maintain minimum capital levels proportional to the volume of activity or risks assumed by each custody company.

III

That based on Article 206 of the Capital Markets Law, natural or legal persons who for any reason fall within the scope of application of said Law must adapt to its requirements no later than within a period of one year counted from the entry into force of the Law, or from the entry into force of the general norms when necessary for its application.

IV

That in accordance with Articles 6, letter b), and 208, of the aforementioned Law; it is the authority of the Board of Directors to issue general norms aimed at regulating the functioning of the securities market.

In exercise of its powers,

HAS ISSUED

The following:

NORM ON DEADLINE FOR UPDATING THE SHARE CAPITAL OF SECURITIES CLEARING HOUSES

Resolution No. CD-SIBOIF-468-5-FEBR28-2007

Article 1. Deadline.- For securities clearing houses that, upon the entry into force of this Norm, have a minimum share capital, subscribed and paid, below that established in Article 142, letter d), of the Capital Markets Law, must have it subscribed and paid no later than within a period of one (1) year counted from the entry into force of this Norm.

Article 2. Prohibition.- Securities clearing houses may not distribute profits as long as they do not comply with their obligation to update the minimum share capital required by law.

Article 3. Validity.- This Norm shall enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Gazette.

(f) Antenor Rosales B. (f) V. Urcuyo V. (f) Roberto Solórzano Ch. (f) Gabriel Pasos Lacayo (f) A. Cuadra G. (f) U. Cerna B.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF