Superintendency of Banks and Other Financial Institutions

REPUBLIC OF NICARAGUA - CENTRAL AMERICA

Resolution No. CD-SIBOIF-776-1-ABR10-2013
Dated 10 April 2013

STANDARD FOR THE REFORM OF ARTICLE 4 OF THE STANDARD ON CONTROL, SECURITY AND SURVEILLANCE MEASURES FOR GENERAL DEPOSIT WAREHOUSES

The Board of Directors of the Superintendency of Banks and Other Financial Institutions,

WHEREAS

I

That it is necessary to reform Article 4 of the Standard on Control, Security and Surveillance Measures for General Deposit Warehouses, contained in Resolution CD-SIBOIF-675-1-MAY6-2011 of 6 May 2011, published in La Gaceta, Official Gazette No. 130, of 13 July 2011, in order to broaden the selection criteria used by general deposit warehouses to hire human resources that meet the necessary skills and aptitudes to serve in the positions of warehousemen or fiscal agents, without undermining their established controls to guarantee the safekeeping and preservation of the merchandise received in deposit.

II

That based on the power conferred by Articles 2 and 139 of Law 734, Law on General Deposit Warehouses; and Article 2, fourth paragraph, Article 3, numeral 13) and Article 10, numeral 1) of Law 316, Law of the Superintendency of Banks and Other Financial Institutions, published in La Gaceta Official Gazette No. 196 of 14 October 1999, and its reforms.

In use of its powers,

HAS ISSUED

The following:

CD-SIBOIF-776-1-ABR10-2013

STANDARD FOR THE REFORM OF ARTICLE 4 OF THE STANDARD ON CONTROL, SECURITY AND SURVEILLANCE MEASURES FOR GENERAL DEPOSIT WAREHOUSES

Managua, Nicaragua

SIBOIF Building - Km. 7 Carretera Sur

Telephone PBX: 2265-1555 P.O. Box 788

web: www.siboif.gob.ni

Email: correo@siboif.gob.ni

FIRST: Reform Article 4 of the Standard on Control, Security and Surveillance Measures for General Deposit Warehouses, contained in Resolution No. CD-SIBOIF-675-1-MAY6-2011 of 6 May 2011, published in La Gaceta, Official Gazette No. 130, of 13 July 2011, which shall read as follows:

"Article 4. Minimum required qualifications.- Every Warehousing Company must hire the services of warehousemen or fiscal agents, as the case may be. For this purpose, they may only hire for said position persons who meet the following minimum qualifications:

a) Be of legal age;

b) Have a minimum education of high school; and

c) Have at least one year of work experience in inventory management or, at least, three months of specific experience in the administrative management of the merchandise or goods subject to deposit.

Warehousing Companies may waive the requirement established in subsection c) of this article, when the interested party holds a university or technical degree, in which case, they must undergo an induction and training period of one month so that the Warehousing Company guides them in the knowledge of its policies, procedures, internal controls and functions to be performed for the management, control and custody of the merchandise. The foregoing must be documented in the respective employment file."

SECOND: This reform shall enter into force upon its notification, without prejudice to its publication in La Gaceta, Official Gazette. (f)V. Urcuyo (f) Gabriel Pasos Lacayo (f) Fausto Reyes (f) illegible (Silvio Moisés Casco Marenco) (f) Illegible (Freddy José Blandón Argeñal) (f) U. Cerna Barquero. Secretary"

URIEL CERNA BARQUERO
Secretary Board of Directors SIBOIF