Norm on Parameters for Determining Contributions to the Superintendent's Budget

RESOLUTION CDMF-XVI-1-25
Dated May 14, 2025

NORM ON PARAMETERS FOR DETERMINING CONTRIBUTIONS TO THE SUPERINTENDENT'S BUDGET

The Monetary and Financial Board,

CONSIDERING

I

That in accordance with Article 115 of Law No. 1232 “Law on the Administration of the Monetary and Financial System,” published in La Gaceta, Official Gazette No. 241, of December 30, 2024, natural and legal persons subject to the supervision, inspection, oversight, and auditing of the Superintendent by virtue of said Law and the current legal framework, shall contribute resources to cover the entire annual budget of the Superintendent.

II

That Article 17, subsection C, numeral 17, of said Law No. 1232, establishes that it is an attribute of the Monetary and Financial Board: “To approve the parameters and/or methods by which institutions subject to the regulation and supervision of the Superintendent will contribute resources to cover the entire annual budget thereof.”

In exercise of its powers,

HAS ISSUED

The following:

NORM ON PARAMETERS FOR DETERMINING CONTRIBUTIONS TO THE SUPERINTENDENT'S BUDGET

CHAPTER I
CONCEPTS, OBJECT, AND SCOPE

Article 1. Concepts. For the application of this norm, the concepts indicated in this article, whether in uppercase or lowercase, singular or plural, shall have the following meanings:

a) Board: Monetary and Financial Board.

b) Law No. 561: General Law of Banks, Non-Bank Financial Institutions, and Financial Groups, contained in Law No. 1175, “Law of the Nicaraguan Legal Digest on Banking and Finance Matters,” published in La Gaceta, Official Gazette No. 153, of August 20, 2024, and its amendments.

c) Law No. 1232: Law on the Administration of the Monetary and Financial System, published in La Gaceta, Official Gazette No. 241, of December 30, 2024.

d) Superintendent: Superintendent of Banks and Other Financial Institutions.

e) Superintendent: Superintendent of Banks and Other Financial Institutions.

Article 2. Object and Scope. This norm aims to establish the parameters to determine the annual amount that natural and legal persons subject to the supervision, inspection, oversight, and auditing of the Superintendent must contribute in cash to the Superintendent's budget.

CHAPTER II
CALCULATION PARAMETERS FOR CONTRIBUTIONS TO THE BUDGET

Article 3. Coverage of the Superintendent's Budget. Annually, the Superintendent shall determine the contributions corresponding to each of the natural or legal persons regulated and supervised by it, to cover its entire annual budget, in order to fulfill its objectives and functions and the institutional development thereof.

The total amount of the Superintendent's revenue and expenditure budget shall be determined by the Superintendent, for subsequent approval by the Board. The entirety of the Superintendent's budget shall be contributed annually in cash.

Article 4. Calculation Parameters. The parameters to define the contribution corresponding to each natural or legal person shall be the following:

A. Factor on assets, either by balance on a specific date or monthly average during a specific period.

B. Factor on the credit portfolio, either by balance on a specific date or monthly average during a specific period.

C. Factor on managed portfolio or assets, either by balance on a specific date or monthly average during a specific period.

D. Factor on assets or merchandise received in deposit, either by balance on a specific date or monthly average during a specific period.

E. Percentage on income from commissions or services, during a specific period.

F. Observed supervision cost, during a specific period.

G. Any other parameter determined by the Board when approving the Superintendent's annual budget.

The parameters shall be applied to each natural or legal person regulated and supervised by the Superintendent, according to the nature, size, results, and any other criteria that it determines annually.

Article 5. Contribution of Financial Groups. In the case of financial groups in which the Superintendent is their origin supervisor, under the terms established in the regulations governing financial groups, if the controlling company is located abroad, the contribution shall be made by the responsible company domiciled in Nicaragua. If the controlling company is domiciled in Nicaragua, it shall assume the contribution. Such contribution shall be estimated based on the extraterritorial supervision costs in situ and extra situ determined by the Superintendent.

Article 6. Minimum Contribution.- For natural and legal persons regulated and supervised by the Superintendent, with the exception of individual brokers, brokerage firms, insurance agencies, and mass insurance marketers, the contribution for each shall not be less than two hundred thousand cordobas (C$200,000.00).

CHAPTER III
FINAL PROVISIONS

Article 7. Transitional.- Those natural or legal persons operating upon the entry into force of this norm, but who must register with the Superintendent by law, shall begin their contribution from the date determined by the Superintendent.

Article 8. Repeal.- The Norm for the Determination of the Payment of Annual Contributions to the Superintendent's Budget by Special Regime Financial Enterprises and Non-Bank Credit Card Issuers, contained in Resolution No. CD-SIBOIF-1470-1-OCT8-2024, dated October 8, 2024, published in La Gaceta, Official Gazette No. 194, of October 23, 2024, is hereby repealed.

Likewise, subsection b) of Article 15 of the Norm on the Requirements for the Constitution of Banks, Financial Companies, Branches of Foreign Banks, and Representative Offices, contained in Resolution CD-SIBOIF-473-1-ABR11-2007, dated April 11, 2007, published in La Gaceta, Official Gazette No. 106, of June 6, 2007, regarding the supervision cost of representative offices of foreign banks, is hereby repealed.

Article 9. Effectiveness. - This norm shall enter into force upon its publication in La Gaceta, Official Gazette.

(f) Illegible, Luis Ángel Montenegro Espinoza, Substitute President of the Board; (f) Illegible, Magaly María Sáenz Ulloa, Substitute Member for the Central Bank of Nicaragua. (f) Illegible, Bruno Gallardo, Minister of Finance, Principal Member; (f) Illegible, Roberto Rivas, Principal Non-Executive Member; (f) Illegible, Hugo Ortega, Principal Non-Executive Member. (End of Resolution text). (f) Illegible, Ruth Elizabeth Rojas Mercado, Secretary of the Board.