Norm on Minimum Guarantee Amounts for Stock Exchange Positions and Stock Exchange Agents

1
Resolution No. CD-SIBOIF-474-1-ABR13-2007
Dated April 13, 2007

NORM ON MINIMUM GUARANTEE AMOUNTS FOR
STOCK EXCHANGE POSITIONS AND STOCK EXCHANGE AGENTS

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 Journal No. 222, of November 15, 2006, establishes that the Superintendence of Banks and Other Financial Institutions, in compliance with said Law, shall ensure the transparency of securities markets and the protection of investors, 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 numeral V of Article 182 of the aforementioned Law 587 establishes that stock exchange positions and stock exchange agents must post a bond whose amount shall be established by the Board of Directors of the Superintendence, which may adjust it every two years according to the variation of the official exchange rate of the national currency.

In exercise of its powers,

HAS ISSUED

The following:

NORM ON MINIMUM GUARANTEE AMOUNTS FOR
STOCK EXCHANGE POSITIONS AND STOCK EXCHANGE AGENTS

Resolution No. CD-SIBOIF-474-1-ABR13-2007

Article 1. Amount of the Guarantee.- Stock exchange positions operating at the time of entry into force of this Norm shall post a minimum guarantee in favor of the stock exchanges in which they participate of five hundred thousand córdobas (C$500,000.00). Likewise, in the case of stock exchange agents, the amount of said guarantee shall be two hundred fifty thousand córdobas (C$250,000.00).

2

Article 2. Adjustment of the Guarantee Amount.- In accordance with letter d) of Article 63 of the Capital Markets Law, the Superintendent may adjust the guarantees referred to in the previous article for each stock exchange position and its agents, increasing their amounts based on the volume of activity and the risks assumed by them.

Article 3. Transitional Provision.- Stock exchange positions operating at the time of entry into force of this Norm, as well as their agents, must post the guarantees expressed herein no later than within forty-five (45) days, counted from the entry into force thereof.

Article 4. Repeal.- Resolution CD-SIBOIF-286-1-MAR5-2004, on Update of the Amounts of Minimum Guarantees for Stock Exchange Positions and Stock Exchange Agents, dated March 5, 2004, published in La Gaceta, Official Journal No. 56, of March 19, 2004, is repealed.

Article 5. Validity.- This Norm shall enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Journal.

(f) J. Rojas R. (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