Regulatory Alerts2014-01-28 | CD-SIBOIF-814-2-DIC13-2013Added · Updated
Norm on Reforms to Articles 12, 17, 18, 21, 22, 36, 54 and Annex 3 of the Norm on Transparency in Financial Operations
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Articles 12, 17, 18, 21, 22, 36, 54, and Annex 3 of the Norm on Transparency in Financial Operations. The reforms mandate a 360-day base for calculating effective interest rates on active operations and require financial institutions to disclose FOGADE coverage status in passive operation summaries. Institutions must submit an adaptation plan within 60 days and comply with most provisions within eight months, while client rights and transparency duties apply immediately upon entry into force.
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