Resolution No. CD-SIBOIF-728-3-MAY16-2012
Dated 16 May 2012

REFORM TO THE STANDARD ON CONTROL, SECURITY AND SURVEILLANCE MEASURES FOR GENERAL DEPOSIT WAREHOUSES

The Board of Directors of the Superintendency of Banks and Other Financial Institutions,

WHEREAS

I

That it is necessary to reform Article 11 of the Standard on control, security and surveillance measures for General Deposit Warehouses contained in resolution CD-SIBOIF- 675-1-MAY6-2011, of 6 May 2011, published in La Gaceta, Official Gazette No. 130, of 13 July 2011, in order to strengthen the surveillance and control of the merchandise that the warehouse companies hold in their custody as deposits; as well as to prevent the surveillance company that safeguards the merchandise received on deposit and that backs Deposit Certificates and Pledge Bonds from receiving and acting on instructions from both the warehouse company and the depositor of the merchandise.

II

That numeral 1 of Article 10 of Law 316, Law of the Superintendency of Banks and Other Financial Institutions, published in La Gaceta Official Gazette No. 196 of 14 October 1999, reformed by Law 552, Law of Reforms to Law 316, Law of the Superintendency of Banks and Other Financial Institutions, published in La Gaceta, Official Gazette No. 169 of 31 August 2005, establishes that it corresponds to the Board of Directors of the Superintendency of Banks and Other Financial Institutions to issue general standards to strengthen and preserve the security and confidence of the public in the institutions under the supervision, inspection, surveillance and oversight of the Superintendency.

In use of its powers,
HAS ISSUED

The following:

REFORM TO THE STANDARD ON CONTROL, SECURITY AND SURVEILLANCE MEASURES FOR GENERAL DEPOSIT WAREHOUSES

Resolution No. CD-SIBOIF-728-3-MAY16-2012

FIRST.- Reform Article 11 of the Standard on control, security and surveillance measures for General Deposit Warehouses (CD-SIBOIF-675-1-MAY6-2011) of 6 May 2011, published in La Gaceta, Official Gazette No. 130, of 13 July 2011, which shall read as follows:

Article 11. Minimum requirements and limitations for contracting.- The Warehouse Companies must contract for their premises surveillance services from legal entities that comply with the minimum requirements and limitations established in this article:

1) Minimum requirements

a) Be legally constituted and registered in the Public Commercial Registry;

b) Have at least three (3) years of experience in surveillance services;

c) Have the human and technical resources adequate to the service they provide.

d) Have a license to operate as a surveillance services company, issued by the National Police.

The Warehouse Companies must keep in the file of the respective contracting the technical-economic offer of the contracted company, as well as the other documentation that supports compliance with the requirements indicated above.

2) Limitation

The Warehouse Companies may not contract the surveillance services of companies that provide this service to the depositor of the merchandise in the same premises where the merchandise that backs their operations is stored.

SECOND.- Surveillance contracts that do not conform to the provisions of Article 11 and are in force may not be renewed upon their expiration.

THIRD.- This reform shall enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Gazette. (f) J. Rojas R. (f) V. Hurtado (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) Gabriel Pasos Lacayo (f) Antonio Morgan Pérez. Ad Hoc Secretary.

ANTONIO MORGAN PÉREZ
Ad Hoc Secretary
Board of Directors SIBOIF