Regulatory Alerts2018-05-15 | CD-SIBOIF-1056-1-MAY15-2018Added · Updated
Resolution Reforming Articles 13, 14, 85, 86 and Adding Annex 5 to the Standard on Administrative Companies and Investment Funds
The Superintendence of Banks and Other Financial Institutions amends Articles 13, 14, 85, and 86 of the Standard on Administrative Companies and Investment Funds and adds Annex 5 to regulate net worth determination, management risk coverage, and real estate valuations. Administrative companies must maintain net worth equal to the greater of their minimum share capital or 1% of the net asset value of managed funds, and real estate valuations must be conducted by independent experts using IFRS 13 fair value standards. The new valuation guidelines and risk coverage requirements apply immediately upon notification, while the net worth calculation provisions take effect on January 1, 2019.
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