Regulatory Alerts2016-03-16 | NDMC-05Added · Updated
Technical Standards for Individual Portfolio Administration
The Central Bank of El Salvador establishes technical standards requiring authorized Brokerage Houses and Specialized Deposit and Custody Societies to obtain prior authorization from the Financial System Superintendence to provide individual portfolio administration services. The regulations mandate specific application documentation, including internal control manuals, conflict of interest policies, and valuation procedures, with a twenty-business-day review period for approvals. Entities must execute individual mandate contracts with investors that define investment policies and risk disclosures, maintain separate accounting for each client, and adhere to strict formatting and modification procedures for these agreements.
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