Regulatory Alerts2024-02-08 | Resolución SBS 501-2024Added
Resolution SBS No. 501-2024: Amending the General Regulation of Savings and Credit Cooperatives Not Authorized to Capture Public Funds (General Regulation of Coopac) and the Fourth Paragraph of Article Three of Resolution SBS No. 480-2019
Resolution SBS No. 501-2024 allows Level 1, 2, and 3 Savings and Credit Cooperatives Not Authorized to Capture Public Funds (Coopac) to count 100% of their supplementary equity toward their effective equity until December 31, 2029. The resolution extends the compliance deadline for Coopac to adhere to investment classification and valuation rules under Article 49 of the General Regulation of Coopac from December 31, 2024, to December 31, 2029. These measures are implemented as temporary exceptions due to the low sophistication of the Coopac system and current economic challenges.
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