Superintendence of Banks and Other Financial Institutions

OFFICE OF THE SUPERINTENDENT OF BANKS AND OTHER FINANCIAL INSTITUTIONS. MANAGUA, DECEMBER ONE, TWO THOUSAND TWENTY-FIVE. ELEVEN AND TEN MINUTES IN THE MORNING.

CONSIDERING

I

That on October 14, 2025, the Monetary and Financial Board issued the “Norm for the Authorization and Regulation of Savings and Credit Cooperatives,” contained in Resolution CDMF-XXXVII-1-25, with the objective of establishing the requirements and guidelines for the constitution and functioning of savings and credit cooperatives (hereinafter CACs) referred to in Article 134 quinquies of Law No. 1237, “Law of Reforms and Additions to Law No. 561, General Law of Banks, Non-Bank Financial Institutions and Financial Groups,” published in La Gaceta, Official Gazette No. 37, of February 25, 2025, in accordance with what is established in the aforementioned article and in Article 134 septies of the aforementioned Law No. 1237, which provides that the Superintendence of Banks and Other Financial Institutions will be the responsible instance to regulate and supervise the savings and credit cooperatives referred to in said Law, being empowered to, among other aspects, issue the procedures, instructions and administrative dispositions necessary for their correct functioning.

II

That Article 20 of the aforementioned norm empowers the Superintendent of Banks and Other Financial Institutions to establish the minimum guidelines to be met by CACs in matters of risk management, risk-weighted assets, operational limits, constitution of patrimonial reserves, distribution of cooperative surpluses, accounting treatment, provision of information to the Risk Central of the Superintendence, frequency and method of report delivery, among others. That same article also empowers the Superintendent to issue the regulatory dispositions that result necessary for the implementation of the aforementioned norm.

That according to the considerations previously stated.

In exercise of its powers,

HAS ISSUED

The following,

---

RESOLUTION SIB-OIF-XXXIII-691-2025

REGULATORY PROVISIONS FOR SAVINGS AND CREDIT COOPERATIVES

TITLE I – CONCEPTS

---

FIRST: For the purposes of application of these regulatory provisions, the terms indicated in this section, both in uppercase and lowercase, singular or plural, will have the following meanings:

a) General Assembly of Partners: The highest authority of the savings and credit cooperative, integrated by all partners, as established in the General Cooperative Law.

b) Board of Administration: The highest governing and administrative body of the savings and credit cooperative, as established in the General Cooperative Law.

c) CDR: Risk Central of the Superintendence of Banks and Other Financial Institutions.

d) Directorial Board: Monetary and Financial Directorial Board.

e) CAC or cooperative: Savings and Credit Cooperative.

f) INFOCOOP: Nicaraguan Institute of Cooperative Promotion.

g) Law No. 561: “General Law of Banks, Non-Bank Financial Institutions and Financial Groups,” contained in Law No. 1175, “Law of the Nicaraguan Legal Digest of the Banking and Finance Matter,” published in La Gaceta, Official Gazette No. 153, of August 20, 2024 and its reforms.

h) Law No. 842: “Law for the Protection of the Rights of Consumer Persons and Users,” published in La Gaceta, Official Gazette No. 129, of July 11, 2013, contained in Law No. 1097, “Law of the Nicaraguan Legal Digest of the Business, Industry and Commerce Matter,” published in La Gaceta, Official Gazette No. 137, of July 26, 2022.

i) Law No. 499: “General Cooperative Law,” published in La Gaceta, Official Gazette No. 17, of January 25, 2005 and its reforms, contained in Law No. 1097, Law of the Nicaraguan Legal Digest of the Business, Industry and Commerce Matter, approved on November 25, 2021 and published in La Gaceta, Official Gazette No. 137 of July 26, 2022.

j) Law No. 1237: “Law of Reforms and Additions to Law No. 561, General Law of Banks, Non-Bank Financial Institutions and Financial Groups,” published in La Gaceta, Official Gazette No. 37, of February 25, 2025.

k) AML/CFT Norm: “Norm for the Management of Prevention of Money, Goods or Assets Laundering Risks; and Terrorism Financing,” contained in Resolution No. CD-SIBOIF-524-1-MARS-2008, of March 5, 2008 and published in La Gaceta, Official Gazette No. 63, 64, 65, 66 and 67, of April 4, 7, 8, 9 and 10, 2008, respectively and its reforms.

l) GPR-FT/FP Norm: “Norm for the Management and Prevention of Terrorism Financing Risks and Financing of the Proliferation of Weapons of Mass Destruction,” contained in Resolution No. CD-SIBOIF-980-1-ENE18-2017, published in La Gaceta, Official Gazette No. 27, of February 8, 2017, and its reform.

m) AML/CFT/PFP: Prevention of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction risks.

n) Pre-partner: Natural person who applies to the CAC to request their affiliation, whose entry has not yet been approved by the general assembly of partners. This status shall not exceed more than one year.

o) National Registry of Cooperatives: National Registry of Cooperatives under the charge of the Nicaraguan Institute of Cooperative Promotion.

p) Superintendent: Superintendent of Banks and Other Financial Institutions.

q) Superintendence: Superintendence of Banks and Other Financial Institutions.

r) Interest Unit: Related parties, significant linkages and indirect manifestations of the natural or legal persons indicated in the scope of the “Norm for the Authorization and Regulation of Savings and Credit Cooperatives,” to which Article 55 of Law 561, “General Law of Banks, Non-Bank Financial Institutions and Financial Groups,” refers.

TITLE II – REQUIREMENTS FOR CONSTITUTION AND START OF OPERATIONS

SECOND: Requirements for the constitution of CACs with assets equal to or greater than one hundred million córdobas. - Those interested in constituting a CAC with assets equal to or greater than one hundred million córdobas must present a written request to the Superintendent accompanied by the following documents:

a) The draft minutes of constitution and its statutes.

b) Minute denoting deposit in the current account of the Superintendence, for five percent (5%) of the proposed social capital or a minimum amount of one hundred eighty-three thousand five hundred córdobas net (C$183,500.00), whichever is greater, for the processing of the request. Once operations have started, said deposit will be returned to the promoters. In case the request is denied, 10% of the deposit amount will go to the General Treasury of the Republic and the balance will be returned to the promoters. In case of withdrawal, 50% of the deposit will go to the General Treasury of the Republic. For the purposes of what is indicated in this letter, a request must be made to the Superintendent for the account and name of the banking entity in which the deposit will be made.

c) The economic-financial feasibility study in which it includes, among other aspects, considerations on the market and the projected financial statements for the first three years.

d) List in digital file (plain file) of the full names of the partners, identity card number or its equivalent for natural persons when they are foreigners and RUC number or its equivalent for legal persons when they are foreigners.

e) Information about their partners.

1. For natural persons:

i. Copy of the identity card on both sides for nationals, or of the identity card for residents or of the passport in the case of foreigners, notarized according to the law on the matter.

ii. Copy of the Unique Taxpayer Registry (RUC) certificate, notarized according to the law on the matter. In the case of non-domiciled foreigners, they must present the equivalent used in the country where they pay taxes.

iii. Certificate of judicial and/or police background with an age not exceeding two months from the date of the request, issued by the corresponding national instances in the case of persons domiciled in Nicaragua or by the competent foreign organism, with the corresponding authentication or apostille, when it concerns persons not domiciled in Nicaragua or natural persons residing in Nicaragua who in the last 15 years have been residents abroad.

iv. A minimum of two (2) banking and/or commercial references with an age not exceeding two months from the date of the request (national or foreign). If they have worked in public institutions, a solvency certificate from the Comptroller General of the Republic or the corresponding control organism in case of being foreign is required.

v. Declaration before a public notary according to what is indicated in Annex 2 of these regulatory provisions, which is an integral part of them.

vi. Report of their obligations in the financial system issued by a risk central or national or foreign credit bureau, when it concerns persons not domiciled in Nicaragua or natural persons residing in Nicaragua who in the last 15 years have been residents abroad.

2. For public and private non-profit legal persons:

i. Notarially certified copy of the testimony of the public deed of constitution, statutes and their modifications, if any, or creation law. In the case of foreign legal persons, the equivalent documents.

ii. Notarial certification in original of the minutes in which the authorization granted by the corresponding corporate instance is recorded, to participate as organizer and/or partner of the new cooperative.

iii. Name of the members of the board of directors or the equivalent corporate body, as well as the curriculum vitae of each of its members, which will be presented according to Annex 1 of these regulatory provisions, which is an integral part of them.

iv. A minimum of two (2) banking and/or commercial references with an age not exceeding two months from the date of the request (national or foreign).

v. Copy of the report of the independent auditors on the audited financial statements, corresponding to the two accounting exercises prior to the date of the request, as the case may be.

vi. Certificate of judicial and/or police background with an age not exceeding two months from the date of the request, of the legal representative and members of the board of directors or the equivalent corporate body, issued by the corresponding national instances in the case of persons domiciled in Nicaragua, and by the competent foreign organism, with the corresponding authentication or apostille, when it concerns persons not domiciled in Nicaragua or persons residing in Nicaragua who in the last 15 years have been residents abroad.

vii. Report of their obligations in the financial system issued by a national or foreign risk central or credit bureau, when it concerns legal persons not domiciled in Nicaragua.

f) For all partners, documentary evidence of the lawful origin of the patrimony to be contributed. At minimum, such documentation must include:

1. Information on the bank accounts from which the money comes.

2. Information on the origin of the money deposited in said accounts.

3. Notarial declaration on the origin of the patrimony (information on the activities from which the patrimony comes such as: businesses, inheritances, donations, among others) and evidence that the money comes from the same.

g) The name of the members who will integrate the board of administration, the general manager or equivalent official and internal auditor, who must meet the requirements of honorability and competence established in the regulations governing the matter on requirements to be director, general manager and/or main executive and internal auditor of financial institutions, as well as in the regulations governing the matter on internal control and audit of banks and financial societies; all of the above, insofar as applicable. Additionally, the name of the AML/CFT Risk Administrator, who must meet the professional qualities and requirements established in the AML/CFT Norm. These persons must present the information required in Annexes 1 and 2 of these regulatory provisions, which are an integral part of them.

h) Any other document or information determined by the Superintendent.

All the information and/or documentation required by this section, which is in a language other than Spanish, must be presented with its corresponding translation to Spanish, which must comply with what is stipulated in the national laws on the matter or with the laws of the country where the translation is carried out.

Documents coming from abroad that are required of natural or legal persons in this section must meet the requirements established by the laws on the matter so that they can have legal effects in the country.

Those interested in becoming part of the CAC must authorize in writing the Superintendent so that he can request information from the corresponding natural and legal persons, with the purpose of proving their honorability and competence, insofar as applicable.

The request and documents presented to the Superintendence must be delivered in original and two notarially certified photocopies and in digital format.

THIRD: Requirements to start operations of CACs with assets equal to or greater than one hundred million córdobas. - To start operations, CACs with assets equal to or greater than one hundred million córdobas must meet the following requirements:

a) Notarially certified copy of the testimony of the minutes of constitution and its statutes.

b) Certificate of inscription in the National Registry of Cooperatives.

c) Certificate of registration as an obligated subject before the Financial Analysis Unit.

d) Evidence that it has the subscribed and paid social capital.

e) Opening Financial Situation Statement, according to the accounting framework issued by this Superintendence. This document must be certified by an authorized public accountant (CPA).

f) Certification of the appointments of the board of administration for the first period, the general manager or equivalent official, the internal auditor and the AML/CFT Risk Administrator.

g) Have the technological infrastructure and human resources, in accordance with the nature, complexity, volume of transactions and its own risk profile, in correspondence with its operations, clients, products and services, distribution channels, markets and technologies.

h) Have the following policies, manuals, regulations and/or systems approved by the board of administration:

1. Manual for active and passive operations.

2. Manuals for the management of risks inherent to the operations of the CAC, mainly those related to the management of credit risks, according to the requirements established in the regulations governing the matter on credit risk management, as well as for the management of liquidity, market, operational, technological and money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction risks.

3. Internal control manual.

4. Customer Service Regulation that regulates, among other aspects, the topics of information supply and transparency in the contracting and provision of services, user protection, procedure and deadlines for the attention of queries and complaints, among others, in compliance with what is established in Law No. 842 and the regulations governing the matter on transparency in financial operations.

i) Have an ethics code approved by the board of administration that contemplates aspects related to the policies adopted by the cooperative to control and administer potential conflicts of interest that arise in its daily activity; business opportunities, information confidentiality; fair treatment of its clients, suppliers and employees; use and protection of its assets; compliance with laws, regulations and norms applicable to it; sanctions applicable for its non-compliance, among others.

j) Have the contract models that they will use for their operations, which must be approved by the Superintendence, in accordance with Article 35 of Law No. 842 and Article 127 quater of Law No. 561, added by Law No. 1237.

k) Any other requirement determined by the Superintendent in relation to the activities that the cooperative will develop, to the management of its inherent risks, among others.

In case the CAC intends to carry out deposit capture operations with persons other than its partners and pre-partners, it must comply with all the requirements established in the legislation and norms applicable to banking entities.

FOURTH: CACs in operation with assets equal to or greater than one hundred million córdobas.

• CACs currently in operation and solvent with the requirements established in Law No. 499, that have total assets equal to or greater than one hundred million córdobas (C$100,000,000.00), will have a deadline of up to one hundred twenty (120) days counted from the entry into force of Resolution CDMF-XXXVII-1-25, regarding the “Norm for the Authorization and Regulation of Savings and Credit Cooperatives,” to present the registration request before the Superintendence, which must contain as minimum the generalities of the CAC, summary of the main financial figures, name of the legal representative, telephone numbers, email and physical address of the main office.

Once the request is received, at the latest within the deadline determined by the Superintendent, they must present an action plan to adapt to the requirements established in these regulatory provisions, with compliance dates and responsible parties, which will be approved by the Superintendent, which must include the requirements to constitute established in the section “SECOND” of these regulatory provisions, with the exception of letter “b”, “e.1.ii” and “e.1.iv” and “f”; for the latter, a certification issued by the board of administration must be presented in which it is evidenced that the AML/CFT/PFT Administrator has known by due diligence of the partner according to their risk level as a result of their evaluation, considering the laws on the matter and internal procedures. From letter “c” only the budget projection for three years with description of the business strategy and operational model must be presented. Likewise, the compliance with the requirements to start operations contained in the section “THIRD” and the other aspects contemplated in the “Norm for the Authorization and Regulation of Savings and Credit Cooperatives” and in these regulatory provisions, among them, that the partners' patrimony has not been absorbed by losses. Additionally, they must present proof of being solvent with the requirements established by INFOCOOP.

In case the CAC intends to carry out deposit capture operations with persons other than its partners and pre-partners, it must have the prior authorization of the Superintendent, for which it must comply with all the requirements established in the legislation and norms applicable to banking entities. For this purpose, it must present to the Superintendence a plan to adjust to said requirements, with compliance dates and responsible parties, which will be approved by the Superintendent.

TITLE III – OTHER REGULATORY PROVISIONS APPLICABLE TO CACs WITH ASSETS EQUAL TO OR GREATER THAN ONE HUNDRED MILLION CÓRDOBAS

FIFTH: Required capital. - In order to promote the solvency of CACs, they must maintain a ratio of at least ten percent (10%) between the capital calculation base and their total assets, incorporating their adjustments, according to the format established in Annex 3 of these regulatory provisions, which is an integral part of them. The capital calculation base of a CAC will be the sum of primary capital and secondary capital, minus deductions, according to the aforementioned format.

CACs cannot redeem the participations of their partners nor distribute surpluses, except for cases of capitalization or constitution of capital reserves, if their capital adequacy falls below the percentage indicated in the previous paragraph. Likewise, the voluntary withdrawal of a

Superintendence of Banks and Other Financial Institutions

(505) 2298 2100 c
(505) 7826 2900 m correo@siboif.gob.ni www.siboif.gob.ni Km 7 Sur Highway, Managua, Nicaragua Postal Box 7878 B.

The associated member may not withdraw within the first five (5) years counted from their entry into the CAC. Nevertheless, even after the aforementioned period has elapsed, they may not voluntarily withdraw while they have pending payment obligations with the CAC.

SIXTH: Credit Concentration.

The board of directors of the CAC must inform the general assembly of members, at least once a year, about the concentration of credits granted individually and collectively with those persons who make up the same unit of interest.

SEVENTH: Responsibilities of the board of directors in risk management.

The board of directors of the CAC shall be responsible for approving the objectives, guidelines, and written policies that allow it to carry out adequate management of the risks associated with the cooperative's operations. Likewise, it shall be their responsibility to ensure compliance with said objectives, guidelines, and policies, which must be implemented by the general management or equivalent body in the CAC.

In particular, the board of directors shall be responsible for ensuring that the following aspects are met, at least:

a) That their policies for risk management and internal control are coherent with the strategic orientation of the CAC and based on identified risks.

b) That their policies on conflicts of interest are clear and include actions among the different participants in their operations; as well as, the actions of the officials and employees of the cooperative.

c) That their policies, strategies, and internal controls implemented in their operations are examined at least once a year.

d) That the human resources assigned to the operations carried out by the CAC have knowledge and work experience appropriate to the exercise of their functions and responsibilities, which are also congruent with the complexity of the different risks associated with said operations.

e) That there is a systematic process to stay informed about the performance of the CAC and the risks it faces in its operations.

f) That the CAC acts in a preventive, prudent, and diligent manner in its operations.

g) Ensure the liquidity and solvency of the CAC.

h) Approve the financial and credit policy of the CAC and control its execution.

i) Ensure that the deposits of members, pre-members, and others authorized by the Superintendence are handled under criteria of honesty, prudence, efficiency, and professionalism;

(505) 2298 2100 c
(505) 7826 2900 m

correo@siboif.gob.ni www.siboif.gob.ni

Km 7 carretera Sur, Managua, Nicaragua.
Apartado Postal 1780

Superintendencia de Bancos y de
Otras Instituciones Financieras

j) Know and dispose of whatever is necessary for the compliance and execution of measures of any nature that the Superintendence, within the framework of its competence, establishes in relation to the CAC.

k) Comply and ensure that the provisions of the applicable laws, norms, guidelines, and internal regulations are complied with at all times.

l) Be duly informed by periodic reports on the progress of the CAC and know the monthly and annual financial statements of the cooperative, as well as the quarterly internal audit report and annually, by the external auditors' report.

m) Ensure that the recommendations derived from audit reports are implemented.

n) Establish the necessary measures to correct irregularities detected in management.

o) Ensure that the resolutions issued by the Board of Directors and the provisions of the Superintendence, as well as information requests from it, are complied with without delay.

p) Ensure that the information required by the Superintendence is provided and ensure its certainty and truthfulness regarding facts or operations that could affect the stability and solidity of the CAC.

q) Establish measures conducive to guaranteeing the timely realization of independent internal and external audits that ensure knowledge of potential errors and anomalies, analyze the effectiveness of controls, and the transparency of financial statements.

r) That the necessary monitoring mechanisms and internal controls are established to manage the prevention of AML/CFT/CPF risks in the operations carried out by the CAC, including alert signals for their monitoring and early detection of suspicious operations, analysis, escalation, documentation, and reporting to the competent authority as appropriate, in accordance with what is established in the AML/CFT Standard and GPR-FT/FP Standard, which must contain, at a minimum, the following aspects:

1. The adoption, implementation, and development of a Prevention Program or Integral System for the Prevention and Management of Money Laundering, Assets or Assets; Terrorism Financing and Financing for the Proliferation of Weapons of Mass Destruction (SIPAR AML/CFT/CPF).

2. The SIPAR AML/CFT/CPF must include the policies, procedures, and internal controls expressed in their respective Manual for the Prevention of Money Laundering, Terrorism Financing, and Financing for the Proliferation of Weapons of Mass Destruction Risks (AML/CFT/CPF Manual), periodically updated AML/CFT/CPF Risk Matrices, monitoring system, and operational plans, all of which must comply and adjust to the AML/CFT Standard, GPR-FT/FP Standard insofar as applicable to them, resolutions, instructions, and guidelines of the Superintendence, the legal framework

(505) 2298 2100 c
(505) 7826 2900 m correo@siboif.gob.ni www.siboif.gob.ni Km 7 Carretera Sur, Managua, Nicaragua.
Apartado Postal 782
Superintendencia de Bancos y Otras Instituciones Financieras

# Superintendencia de Bancos y de Otras Instituciones Financieras

national, including international conventions on the subject of which Nicaragua is a party, codes of conduct, guidelines, corporate mandates, audit recommendations, evaluations, and periodic self-assessments, among others, that are related to the prevention of AML/CFT/CPF risks.

3) The intensity of the policies, procedures, internal controls, tasks, and measures that each CAC applies must be subject to their AML/CFT/CPF risk level classified as high, medium, or low in all areas of their business and activities, that of their members, and the size of the cooperative.

4) The SIPAR AML/CFT/CPF must allow the CAC to prevent, detect, and report possible suspicious activities of AML/CFT/CPF in any of its three stages known internationally: placement, layering, and integration; based on the four basic administrative tasks of an effective SIPAR AML/CFT/CPF:

i.- Prevention: of the risk that resources from activities related to AML/CFT/CPF are introduced or placed in the Financial System; through policies, procedures, and internal controls for the adequate knowledge of members, pre-members, and others authorized by the Superintendence, complemented with robust training and staff training at all levels of the cooperative.

ii.- Detection: of activities that are intended to be carried out or have been carried out, to stratify, integrate, or give the appearance of legality to operations linked to AML/CFT/CPF; through the implementation of adequate, timely, and effective monitoring controls and tools.

iii.- Reporting: timely, efficient, and effective reporting to the competent authority designated by law, of detected operations that are intended to be carried out or have been carried out and that are suspected of being related to AML/CFT/CPF.

iv.- Retention: for the legal term, of all files, transaction records, and documentation, both physical and electronic, derived from the preceding tasks.

5) The CAC will keep all its administrators, officials, and employees generally informed and trained about their respective SIPAR AML/CFT/CPF; and in a special and focused manner towards those who belong to areas or are in charge of products that, according to their profile, need, linkage, and impact, are more exposed to these risks.

6) The SIPAR AML/CFT/CPF must be subject to review and update in accordance with legislative, regulatory, and normative changes in the matter, or due to new and better practices in AML/CFT/CPF risk management; as well as in response to new schemes, indicators, signals, and patterns of AML/CFT detected by the cooperative itself, or communicated by the Superintendence or by any other competent authority, or accessible through other recognized national and international sources on the subject.

---

(505) 2298 2100 c
(505) 7826 2900 m

correo@siboif.gob.ni
www.siboif.gob.ni

Km 7 carretera Sur Managua, Nicaragua.
Apartado Postal 068 FNI

(Note: The footer contains contact information and address, which are preserved as per the instruction to transcribe all readable content. The signature and seal are not included as they are graphical elements without textual content or URLs in the source.)

# Superintendencia de Bancos y de Otras Instituciones Financieras

## EIGHTH: Hiring of External Audit Firms.
CACs must hire annually, no later than within the third quarter of the year to be audited, the services of Firms registered with this Superintendence and comply with what is established in Resolution No. CD-SIBOIF-1129-2-SEP10-2019, “Standard on External Audit”. Likewise, they must communicate to the Superintendent the name of the selected Firm within a maximum period of five (5) days, counted from the signing of the contract, attaching a copy of the certification of the board of directors' minutes in which the hired firm is approved and indicating the names and positions of the audit team.

## NINTH: Accounting Framework.
For the recording of their operations, CACs will use the Accounting Framework approved by the Superintendence.

## TENTH: Applicable Provisions.
The provisions of the “Standard on Credit Risk Management”, contained in Resolution No. CD-SIBOIF-547-1-AGOST20-2008 and its updates, “Standard on Appraisers Providing Services to Financial System Institutions”, contained in Resolution No. CD-SIBOIF 868-1-DIC10-2014, and “Standard on the Operation and Processing of Data of the Risk Central”, contained in Resolution No. CD-SIBOIF-413-1-MAR27-2006 and its updates, are applicable to CACs in their entirety. When in the aforementioned standards or others that by provision of the Superintendence are also applicable to CACs, where the term “Board of Directors” is referenced, it must be understood that it refers to the “board of directors”.

## ELEVENTH: Submission of information to the CDR.
CACs must supply information to the CDR regarding the credit obligations of their members, pre-members, and others authorized by the Superintendence, complying with the regulations governing the matter on the operation and processing of data of the risk central and the CDR transaction manual; likewise, they must supply such information to private risk centers.

## TWELFTH: Reporting.
CACs must supply information on the operations they carry out, according to the detail established in the official calendar for the delivery of information required by the Superintendence; without prejudice to periodic or specific statistical information that is required from them for supervision and/or compliance purposes of authorities and/or competent bodies.

## THIRTEENTH: Secrecy.
CACs may not provide information on the identity of their members, pre-members, or others authorized by the Superintendence to receive financial services and the active and passive operations by the CAC, except with express authorization from these, by order of a judicial authority, by the Superintendent, or by other institutions and authorities expressly empowered by law for such purposes, as appropriate. Likewise, they may not disseminate or use such information for their own benefit or for third parties, for purposes other than those that motivated their supply. For such purposes, CACs must establish measures that guarantee compliance with what is provided in this subsection.

---

Officials and employees of CACs shall be responsible, in accordance with the law, for the violation of secrecy. In the event of violation, those responsible will be jointly obligated to repair the damages and losses caused.

## FOURTEENTH:
This resolution will enter into force from this date. Publish on the SIBOIF website.

Lic. Luis Ángel Montenegro E.
Superintendent of Banks
and Other Financial Institutions

---
(505) 2298 2100 c
(505) 7826 2900 m
correo@siboif.gob.ni
www.siboif.gob.ni
Km 7 carretera Sur, Managua, Nicaragua.
Apartado Postal 768

# Superintendencia de Bancos y de Otras Instituciones Financieras

## ANNEX 1
**CURRICULUM VITAE**
Strictly confidential information

### INSTITUTION: _______________________________

### GENERAL DATA

- Full name: ___________________________________________________________
- Nationality: ___________________________________________________________
- Profession or trade: ___________________________________________________
- Place and date of birth: _______________________________________________
- Citizen Identity Card Number: __________________________________________
- Residence Card (in the case of foreign residents in the country): ___________
- Passport Number (in the case of non-resident foreigners): _________________
- RUC No. (or its equivalent, as appropriate): _____________________________
- Position held or to be held in the CAC: _________________________________
- Domicile: _____________________________________________________________
- Migratory status: ______________________________________________________

Do you have authorization to work in the country? (only for foreigners holding administrative or board positions)

YES ( )         NO ( )

- Authorization Number: _________________________________________________
- Date of authorization: _________________________________________________
- Validity of the authorization: __________________________________________

---

# Superintendencia de Bancos y de Otras Instituciones Financieras

## KNOWLEDGE AND EXPERIENCE

Knowledge and experience in financial activity and financial risk management:

| Entity | Position | Period from ... to | Main Functions A/ |
|--------|----------|--------------------|-------------------|
|        |          |                    |                   |
|        |          |                    |                   |
|        |          |                    |                   |
|        |          |                    |                   |
|        |          |                    |                   |

Positions held or held in other entities:

| Entity | Position | Period from ... to | Main Functions A/ |
|--------|----------|--------------------|-------------------|
|        |          |                    |                   |
|        |          |                    |                   |
|        |          |                    |                   |
|        |          |                    |                   |
|        |          |                    |                   |

Studies and training completed:

| Establishment | Title or course name | Period from ... to | Observations A/ |
|---------------|----------------------|--------------------|-----------------|
|               |                      |                    |                 |
|               |                      |                    |                 |
|               |                      |                    |                 |
|               |                      |                    |                 |
|               |                      |                    |                 |

I declare that the data above are true, subjecting myself to the sanctions determined by law for any inaccuracy thereof.

Place and date: __________________________________________________________

---

# Superintendencia de Bancos y de Otras Instituciones Financieras

f) _________________________
Full name: _________________________

## ANNEX 2
**NOTARIAL DECLARATION**

The notarial declaration must express the following:

a. I am not in a situation of bankruptcy or insolvency and have never been judicially declared responsible for a fraudulent or negligent bankruptcy.

b. I am not a delinquent debtor of credits in the financial system.

c. For a better analysis of my debtor situation, below, I detail the credits I currently have in the financial system:

| Credit No. | Amount Granted | Bank (or financial) |
|------------|----------------|---------------------|
|            |                |                     |

d. I have never been sanctioned judicially or administratively for causing patrimonial damage to a legal entity.

e. I have never been sanctioned judicially or administratively for causing damage to public faith, by altering the financial statements of a legal entity.

f. I have never participated as a director, manager, deputy manager, or official of equivalent rank of a bank that has been subjected to intervention processes and declaration of forced liquidation status; or that, by judicial or administrative resolution of the Superintendence, responsibilities, presumptions, or indications have been established or will be established linking me to the aforementioned situations. The foregoing admits contrary proof; and

g. I have never been sentenced to principal or accessory penalties, grave and less grave, in accordance with Law No. 641, Penal Code.

## ANNEX 3
**CAPITAL ADEQUACY CALCULATION**

# Superintendencia de Bancos y de Otras Instituciones Financieras

## INSTITUTION:
### CAPITAL ADEQUACY CALCULATION
*(In thousands of cordobas)*

| CONCEPTS | feb-00 |
|----------|--------|
| **I. TOTAL ASSETS (A+B-C-D-E)** | 0.00 |
| **A. Assets** | 0.00 |
| 110 Cash and Cash Equivalents | 0.00 |
| 116 Investments at Fair Value with Changes in Other Comprehensive Income | 0.00 |
| 124 Investments at Amortized Cost, Net | 0.00 |
| 127 Credit Portfolio, Net | 0.00 |
| 136 Accounts Receivable, Net | 0.00 |
| 141 Assets Received in Credit Recovery | 0.00 |
| 144 Property, Plant and Equipment | 0.00 |
| 153 Intangible Assets | 0.00 |
| 156 Fiscal Assets | 0.00 |
| 160 Other Assets | 0.00 |
| 711 Assumed Contingencies | 0.00 |
| **B. National Assets by Exchange Rate Risk (Annex 3.1)** | 0.00 |
| **C. Less: Assets Not Subject to Solvency Requirements** | 0.00 |
| 1. Cash | 0.00 |
| 2. Investments in instruments issued by the Central Government or the BCN | 0.00 |
| 3. Investments in instruments issued by Multilateral Credit Organizations | 0.00 |
| 4. Credits and contingent operations guaranteed with instruments issued by the Central Government or the BCN | 0.00 |
| 5. Debt instruments issued by third parties, guaranteed with debt instruments issued by the Central Government or the BCN | 0.00 |
| 6. Credits and contingent operations guaranteed with deposits in the same financial institution endorsed in favor of it. | 0.00 |
| **D. Less: Other Assets Net of Amortization** | 0.00 |
| **E. Less: Pending Adjustments to Be Made** | 0.00 |
| **II. REQUIRED CAPITAL** | 0.00 |
| *(Required Capital 10% of Total Assets)* | 0.00 |
| **III. CAPITAL ADEQUACY BASE (A+B-C-D)** | 0.00 |
| **A. Primary Capital** | 0.00 |
| 1. Paid-in Social Capital | 0.00 |
| 2. Capitalizable Donations | 0.00 |
| 3. Contributions for Capital Increases | 0.00 |
| 4. Legal Reserve | 0.00 |
| 5. Accumulated Deficit | 0.00 |
| 6. Conversion Adjustments (negative balance)¹ | 0.00 |
| 7 Less: Other Assets Net of Amortization (Taxes Paid in Advance, Other Expenses Paid in Advance, Deferred Income Tax, Improvements to Properties Received in Lease, Software, Other Intangible Assets, and Stationery, Supplies, and Other Materials. All these assets are net of amortization, depreciation, and impairment. These | 0.00 |
| **B. Secondary Capital** | 0.00 |
| 1. Other Comprehensive Income Net (negative balance)¹ | 0.00 |
| 2. Other Mandatory Reserves and Voluntary Reserves | 0.00 |
| 3. Accumulated Surplus | 0.00 |
| 4. Surplus (or deficit) of the Exercise | 0.00 |
| 5. Voluntary General Provisions (maximum of 1.25% of Total Assets) | 0.00 |
| **C. Less Excess (Secondary Capital - (Primary Capital x 50%))** | 0.00 |
| **D. Less: Pending Adjustments to Be Made** | 0.00 |
| 1) Provisions | 0.00 |
| 2) Other Adjustments | 0.00 |
| **IV. CAPITAL ADEQUACY (III / I)** | #¡DIV/0! |

¹ When the account is different from its nature; that is, negative balance.

---

Prepared by:
Authorized by:

PBX (505) 2298 2100 c
(505) 7826 2900 m
correo@siboif.gob.ni
www.siboif.gob.ni
Km 7 carretera Sur, Managua, Nicaragua.
Apartado Postal 785

---

# Superintendencia de Bancos y de Otras Instituciones Financieras

## Annex 3.1

### INSTITUTION :
#### NOTIONAL AMOUNT OF ASSETS BY EXCHANGE RATE RISK
*(In thousands of Cordobas)*

| feb-00 | Assets | Liabilities | Hedge in | Combined Hedge | Hedge in C$ with F.V. | Hedge in Foreign Currency | National Amount | Foreign Currency | | | | |
|--------|--------|-------------|----------|----------------|-----------------------|---------------------------|-----------------|------------------|---|---|---|---|
| | Cordobas w/o Maint. Value | Cordobas with F.V. | Foreign Currency | Cordobas w/o Maint. Value | Cordobas with F.V. | Foreign Currency | Cordobas | Foreign Currency | | | | |
| January | | | | | | | 0.00 | 0.00 | 0.00 | | | |
| February | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | | | |
| March | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | | | |
| April | | | | | | | 0.00 | 0.00 | 0.00 | | | |
| May | | | | | | | 0.00 | 0.00 | 0.00 | | | |
| June | | | | | | | 0.00 | 0.00 | 0.00 | | | |
| July | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | | | |
| August | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | | | |
| September | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | | | |
| October | | | | | | | 0.00 | 0.00 | 0.00 | | | |
| November | | | | | | | 0.00 | 0.00 | 0.00 | | | |
| December | - | - | - | - | - | - | 0.00 | 0.00 | 0.00 | | | |

---

Prepared by:
Authorized by:

PBX (505) 2298 2100 c
(505) 7826 2900 m
correo@siboif.gob.ni
www.siboif.gob.ni
Km 7 carretera Sur, Managua, Nicaragua.
Apartado Postal 785
---