Regulatory Alerts2007-04-11 | CD-SIBOIF-473-1-ABR11-2007Added · Updated
Norm on the Requirements for the Establishment of Banks, Financial Companies, Branches of Foreign Banks and Representative Offices
This resolution establishes the specific requirements, procedures, and documentation necessary for the authorization and establishment of banks, financial companies, branches of foreign banks, and representative offices in Nicaragua. It mandates that applicants submit feasibility studies, proof of lawful origin of funds, and detailed personal and corporate information for shareholders holding 5% or more, while granting the Superintendent authority to grant exceptions for public entities, international organizations, or listed companies. The regulation sets a 120-day deadline for the Superintendent to rule on authorization requests and requires that operations commence within 180 days of authorization, subject to verification of paid capital and infrastructure, with failure to comply resulting in the forfeiture of application deposits to the state.
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