Norm on the Update of Share Capital for Stock Exchange Positions

Resolution CDMF-VIII-3-25
Dated March 12, 2025

NORM ON THE UPDATE OF SHARE CAPITAL FOR STOCK EXCHANGE POSITIONS

The Monetary and Financial Board,

CONSIDERING

I

That Article 156 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 (hereinafter Law No. 1232), establishes that “...all those faculties, competencies, powers, attributions, and duties established in other laws, prior to the effectiveness of this Law, attributed to the Board of Directors of the Central Bank and to the Board of Directors of the Superintendence of Banks... are transferred to the Monetary and Financial Board.”

II

That Article 63, letter c), of Law No. 587, “Capital Market Law”, 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, establishes that the minimum share capital of stock exchange positions shall not be less than two million córdobas (C$2,000,000.00), a sum that may be increased by the Board of Directors every two years according to market development. Likewise, the capital amount may be reviewed and adjusted by the Board of Directors according to the variation of the official exchange rate of the national currency.

III

That, through the Norm on the Update of Share Capital for Stock Exchange Positions, contained in Resolution No. CD-SIBOIF-1365-1-MAR7-2023, dated March 7, 2023, published in La Gaceta, Official Gazette No. 53, of March 22, 2023, the minimum required share capital for stock exchange positions was updated to four million forty-four thousand five hundred córdobas (C$4,044,500.00).

IV

That in accordance with the considerations stated above and based on Article 6, letter b) of the Capital Market Law; and Article 17, clause A), numbers 1) and 3) of the aforementioned Law No. 1232.

In exercise of its faculties,

HAS ISSUED

The following:

NORM ON THE UPDATE OF SHARE CAPITAL FOR STOCK EXCHANGE POSITIONS

Article 1. Update of Share Capital.- The minimum required share capital for stock exchange positions is updated to four million seventy-seven thousand five hundred córdobas (C$4,077,500.00).

Article 2. Deadline.- Stock exchange positions that are currently operating and that, upon the entry into force of this norm, have a minimum subscribed and paid share capital below that established in the preceding article, must have it paid no later than seven (7) calendar days after the next Ordinary General Shareholders' Meeting.

For stock exchange positions that are authorized to be constituted and operate in the country after the entry into force of this norm, compliance with the updated share capital must be effected at the time of their constitution.

Article 3. Repeal.- The Norm on the Update of Share Capital for Stock Exchange Positions, contained in Resolution No. CD-SIBOIF-1365-1-MAR7-2023, dated March 7, 2023, published in La Gaceta, Official Gazette No. 53, of March 22, 2023, is repealed.

Article 4. Effectiveness.- This norm shall enter into force upon its publication in La Gaceta, Official Gazette.

((f) legible, Ovidio Reyes R. President of the Board of Directors; (f) Illegible, Luis Ángel Montenegro Espinoza, Vice President of the Board of Directors; (f) Illegible, Bruno Gallardo, Minister of Finance, Proprietary Member; (f) illegible, Roberto Rivas, Non-executive Proprietary Member; (f) Illegible, Hugo Ortega, Non-executive Proprietary Member. The undersigned Ruth Elizabeth Rojas Mercado, Secretary of the Monetary and Financial Board of Directors, certifies that it conforms to its original, which was duly compared. (f) Illegible, RUTH ELIZABETH ROJAS MERCADO, Secretary of the Monetary and Financial Board of Directors.