Regulatory Alerts2018-05-02 | CD-SIBOIF-1054-1-MAY2-2018Added · Updated
Norm Reforming Article 11 of the Regulation on Requirements for the Establishment of Banks, Financial Companies, Branches of Foreign Banks, and Representative Offices
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Article 11 of the Regulation on the Requirements for the Establishment of Banks, Financial Companies, Branches of Foreign Banks, and Representative Offices. The amendment clarifies that the 80% demand deposit at the Central Bank of Nicaragua required prior to commencement of operations may be made in Córdobas or United States Dollars. Additionally, the Superintendent may require an progress report on compliance with physical and technological requirements 45 days prior to the expiration of the 180-day authorization period.