Regulatory Alerts2011-01-01 | Resolución SBS 18400-2010Added · Updated
Resolution SBS No. 18400-2010: Regulation for the Classification of Financial System Companies and Insurance Companies
The Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) approved a new regulation mandating that financial system companies and insurance companies obtain risk classifications from at least two independent, registered rating agencies every six months. The resolution establishes strict registration requirements for rating agencies, prohibits favorable transactions between supervised entities and their raters to ensure independence, and sets specific deadlines for contract notification and publication of results. It also amends the Sanctions Regulation to classify failure to communicate rating contracts as a serious infraction and repeals the previous 1997 classification rules.
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