Regulatory Alerts2018-08-16 | CD-SIBOIF-1068-1-AGOST16-2018Added · Updated
Norm on Securities Clearing and Settlement
The Superintendent of Banks and Other Financial Institutions (SIBOIF) issued a norm establishing guidelines for entities providing securities clearing and settlement services, including stock exchanges, securities clearinghouses, and clearing and settlement companies. This regulation mandates that clearing agents comply with specific operational requirements, including maintaining an information system with detailed functionalities, a centralized register of clearing members, and an internal control structure. It requires clearing members to constitute liquid guarantees, with the clearing agent defining the methodology and minimum amount, and mandates replenishment within three business days if levels fall, or face provisional suspension. Furthermore, it sets a minimum social capital of nine million córdobas (C$9,000,000) for new clearing and settlement companies seeking authorization.