Resolution on Extension of Deadline to Issue General Rules Required by the Capital Markets Law

Resolution No. CD-SIBOIF-507-1-NOV7-2007 of date November 7, 2007

DISPOSITION ON EXTENSION OF DEADLINE TO ISSUE GENERAL RULES REQUIRED BY THE CAPITAL MARKETS LAW

The Board of Directors of the Superintendence of Banks and Other Financial Institutions.

CONSIDERING

I

That Article 208 of Law 587, Capital Markets Law, published in La Gaceta No. 222 on November 15, 2006, establishes that the Superintendence is expressly authorized to issue all general rules and other executive provisions that are necessary to comply with the provisions of said Law;

II

That the same Article 208 states that the aforementioned rules must be promulgated within a period of twelve months counted from the date of publication of the aforementioned Law; allowing, however, the Board of Directors of the Superintendence of Banks and Other Financial Institutions, by motivated decision, to extend the aforementioned deadline by up to an additional term of twelve months;

III

That the aforementioned Law 587 entered into force on November 15, 2006, so that the initial deadline granted by Article 208 expires on November 15 of the current year;

IV

That in compliance with Article 208 of Law 587, this Board of Directors, in consultation with the industry, has issued, to date, seventeen general rules; it is still necessary to issue 9 additional general rules;

Therefore,

In accordance with the considerations and based on the attribution granted by Article 208 of Law No. 587 to the Board of Directors of this Superintendence,

In exercise of its powers,

HAS ISSUED

The following,

DISPOSITION ON EXTENSION OF DEADLINE TO ISSUE GENERAL RULES REQUIRED BY THE CAPITAL MARKETS LAW

Resolution No. CD-SIBOIF-507-1-NOV7-2007

Article 1.- Extension of Deadline.- An additional deadline of up to twelve months counted from November 15 of the current year is established to issue the pending general rules regarding the legal provisions contained in Law No. 587, Capital Markets Law, that require them.

Article 2.- Effectiveness. This rule shall enter into force upon its notification without prejudice to its publication in La Gaceta, Official Gazette.

(f) Antenor Rosales B. (f) V. Urcuyo V. (f) A. Cuadra G. (f) Gabriel Pasos Lacayo (f) Nelson Estrada Solórzano (f) U. Cerna B.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF