Regulatory Alerts2007-05-09 | CD-SIBOIF-478-1-MAY9-2007Added · Updated
Resolution No. CD-SIBOIF-478-1-MAY9-2007: Norm on Concentration Limits
The Superintendence of Banks and Other Financial Institutions establishes guidelines for applying concentration limits on active operations with related and non-related parties, defining concepts such as substantial credits, dominant influence, and significant linkages. Financial institutions are required to provision 100% of any excess concentration immediately, refrain from distributing profits while limits are exceeded, and correct the excess within 180 days. The resolution mandates specific monthly and semiannual reporting obligations to the Superintendent and imposes duties on the Board of Directors to approve policies and major transactions.
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