Region

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Regulator

2012-06-08 | NRP-03

Added 2026-09-11

Technical Standards for the Authorization and Registration of Brokerage Houses, Licensees, and Brokerage Agents in the Public Registry of the Superintendency of the Financial System to provide services in Product and Service Exchanges

These Technical Standards establish the requirements for Brokerage Houses, Licensees, and Brokerage Agents to be authorized and registered in the Public Registry of the Superintendency of the Financial System (SSF) to provide services in Product and Service Exchanges. Brokerage Houses must be public limited companies and can intermediate their own or third-party products/services, while Licensees are restricted to their own products or services. Eligibility criteria include prior authorization from an Exchange and specific prohibitions for shareholders, directors, and administrators, such as not holding similar positions in other entities, not being heavily indebted to the financial system, or having convictions for certain financial crimes. The SSF processes applications within twenty business days, allowing for extensions to address deficiencies or provide additional information.

Source: Superintendencia del Sistema Financiero — original document

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El Salvador

Superintendencia del Sistema Financiero

CONSIDERING:

I. That Article 3, literal h) of the Law on Supervision and Regulation of the Financial System, establishes that it is the competence of the Superintendency of the Financial System to authorize registrations, registry entries, modifications, and cancellations of persons, institutions, and operations subject to said requirement, in accordance with the relevant laws. II. That Article 7, third paragraph of the Law on Supervision and Regulation of the Financial System, establishes that Brokerage Agents, Brokerage Houses, and Licensees referred to in the Law on Product and Service Exchanges are subject to the supervision of the Superintendency of the Financial System. III. That Article 37, second paragraph of the Law on Supervision and Regulation of the Financial System, establishes that supervised entities, as well as their shareholders or partners, must provide all necessary information to keep the public registries mentioned in the laws that govern them updated, within the deadlines and in the manner established. IV. That Article 78, literal k) of the Law on Supervision and Regulation of the Financial System, establishes that the Superintendency will organize and keep updated the registries entrusted to it by law regarding Licensees, Agents, and Brokerage Houses referred to in the Law on Product and Service Exchanges. V. That Article 82, literal a) of the Law on Supervision and Regulation of the Financial System, establishes that to be and remain registered in the Superintendency's Registry, Licensees, Agents, and Brokerage Houses must comply with the requirements established in the applicable regulations for their authorization. VI. That Article 115 of the Law on Supervision and Regulation of the Financial System establish that Licensees, Agents, and Brokerage Houses referred to in the Law on Product and Service Exchanges, who are currently providing their services, must, within one year from the effective date of the aforementioned Law, register in the registry and comply with the requirements established in Article 82 of said law and in the technical regulations that may be issued by the Central Reserve Bank of El Salvador for this purpose. THEREFORE, by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF BROKERAGE HOUSES, LICENSEES, AND BROKERAGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCY OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES CHAPTER I OBJECT, SUBJECTS AND TERMS

Object Art. 1.- The purpose of these Standards is to establish the requirements that Brokerage Houses, Licensees, and Brokerage Agents referred to in the Law on Product and Service Exchanges must meet to be authorized and registered in the corresponding Registry of the Superintendency of the Financial System.

Subjects Art. 2.- The subjects obligated to comply with the provisions established in these Standards are: (2) a) Brokerage Houses, Licensees, and Brokerage Agents operating in a Product and Service Exchange registered with the Superintendency of the Financial System; and b) Persons interested in obtaining authorization as a Brokerage House, Licensee, and Brokerage Agent.

Terms Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning: (2) a) Administrators: Members of the Board of Directors, executive directors or presidents, and managers, or those performing their functions, as well as interveners and liquidators of Brokerage Houses and Licensees; b) Brokerage Agent or Agents: Natural persons recognized by Product and Service Exchanges as having the capacity to carry out stock market intermediation operations on behalf of a Brokerage House or a Licensee and before the Exchange; c) Exchanges or Exchange: Product and Service Exchanges; d) Licensees or license holders: National or foreign persons authorized by the Exchanges to carry out negotiations of their own products and services in accordance with the Law on Product and Service Exchanges; e) Brokerage House(s): National or foreign legal entities authorized by the Exchanges to carry out intermediation activities and provide their own or third-party services in accordance with the Law on Product and Service Exchanges; f) Registry: Public Registry of the Superintendency of the Financial System; and g) Superintendency: Superintendency of the Financial System.

Regarding Brokerage Houses and Licensees Art. 4.- Brokerage Houses must be constituted as public limited companies and in accordance with the provisions of Article 19 of the Law on Product and Service Exchanges.

Art. 5.- Brokerage Houses may intermediate their own or third-party products or services, and Licensees may only do so but only for their own products or services.

Art. 6.- For Brokerage Houses and Licensees to intermediate and provide the services referred to in the Law on Product and Service Exchanges, they must be previously authorized and registered in the Registry maintained by the Superintendency for such purposes.

Requirements for the authorization and registration of Brokerage Houses and Licensees with the Superintendency Art. 7.- To be authorized as Brokerage Houses and Licensees, they must comply with the following requirements: a) Possess authorization from an Exchange to operate as a Brokerage House or as a Licensee; b) That their shareholders, directors, administrators, and Agents do not hold any of these positions in other Brokerage Houses or Licensees; c) That their shareholders, directors, or administrators are not debtors of the financial system for credits for which impairment reserves of fifty percent or more of the balance have been constituted, as long as such situation persists; d) That their directors or administrators have not been directors of a company that, in the last six years, had been suspended as an Exchange, Brokerage House, or Licensee, provided there was a final judicial sentence or administrative resolution issued by the competent body; e) That their shareholders, directors, or administrators have not been judicially proven to have participated in activities related to drug trafficking, terrorism financing, and money laundering and assets; and f) What is established in Article 82 of the Law on Supervision and Regulation of the Financial System. The Superintendency will verify compliance with the requirements related to the credit situation of their shareholders, directors, or administrators through the information systems it has available.

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF BROKERAGE HOUSES, LICENSEES, AND BROKERAGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCY OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Effective: 27/06/2012 Alameda Juan Pablo II, entre 15 y 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 4 of 18 Disqualifications Art. 8.- The following may not be shareholders, directors, or administrators of Brokerage Houses and Licensees or license holders due to disqualification: a) Minors; b) Insolvent or bankrupt persons until they have been rehabilitated, and those who have been judicially qualified as responsible for culpable or fraudulent bankruptcy; c) Those who have been convicted of any type of crime; d) Those who are legally incapacitated; e) Those who are directors of other Exchanges; and f) Shareholders of other exchanges who own more than ten percent of the share capital of other product exchanges. Content of the application Art. 9.- For the registration of Brokerage Houses and Licensees in the Superintendency's Registry, interested parties must submit a signed application, which must contain the following information: (2) a) Name, corporate name or denomination of the Brokerage House or Licensee; (3) b) Taxpayer Registration Number and Tax Identification Number of the Brokerage House or Licensee; (3) c) Address and telephone number of the Brokerage House or Licensee, website if any, and contact email; (3) d) Information for each of the shareholders, referring to: full name, nationality, profession or occupation, domicile, Unique Identity Document number, Tax Identification Number, which will be required in cases defined by the Tax Administration, percentage of share participation of each shareholder, and Taxpayer Registration Number, in case they are registered as such in the corresponding registry. In the case of foreign shareholders, they must present a legible copy of a valid passport or resident card; (3) e) Amount of subscribed and paid-in capital stock; f) Full name, age, nationality, profession or occupation, domicile, Unique Identity Document number, of each of the directors and administrators. In the case of foreign directors and administrators, they must present a legible copy of a valid passport or resident card; and (3) g) Place for receiving any type of notifications and the designation of the persons commissioned for that purpose. If the application is signed by the legal representative or attorney-in-fact of the shareholders, their full name, age, nationality must be stated, and in cases where the persons signing the application do not submit it personally, the signatures on it must be authenticated by a notary.

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF BROKERAGE HOUSES, LICENSEES, AND BROKERAGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCY OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Effective: 27/06/2012 Alameda Juan Pablo II, entre 15 y 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 5 of 18 Documents to be attached to the application Art. 10.- The application for registration of Brokerage Houses and Licensees must be accompanied by the following information: a) Certification issued by an Exchange, stating that it is authorized to operate as a Brokerage House or as a Licensee; b) Legible copy of the granting by the constituted company of the guarantee required by Article 22 of the Law on Product and Service Exchanges for the fulfillment of the operations they carry out; c) Legible copy of the public deed of incorporation and its modifications, if any, as well as the corresponding bylaws, if applicable, duly registered and deposited in the Commercial Registry as appropriate, when applicable; d) Legible copy of the legal instrument of creation when applicable; e) Legible copy of the agreement of the highest governing body, authorizing the request for intermediation and provision of services in Product Exchanges as Licensees; f) Legible copy of the Tax Identification Number and the Taxpayer Registration Number of the Brokerage House or Licensee, which will be required in cases defined by the Tax Administration; (3) g) Certification of the credentials of the Board of Directors and administrative attorneys-in- fact, indicating the term of office of its members; h) Copy of the Commercial Registration; i) Legible copy of the appointment agreement of the external auditor, in case it has not been appointed in the constitutive act, which must be previously registered in the Commercial Registry; j) Legible copies of the Unique Identity Document, the Tax Identification Number, which will be required in cases defined by the Tax Administration, and the Taxpayer Registration Number, if registered as such in the respective Registry, for each of the shareholders, legal representatives, attorneys-in-fact, directors, and administrators; (3) k) Legible copy of a valid passport for foreign directors, administrators, attorneys-in-fact, or shareholders; l) Curriculum Vitae of each of the directors and administrators, as well as a legible copy of the documentation supporting the information described in their curriculum; m) Sworn declaration by each of the shareholders, directors, and administrators, which must be authenticated by a notary and prepared in accordance with the format established in Annex No. 1 of these Standards; n) In cases where the shareholders are legal entities, they must also attach the following documents, where applicable: i. Notarized certified copy of their current social pact and of the last credential for the election of their administrative body;

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF BROKERAGE HOUSES, LICENSEES, AND BROKERAGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCY OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Effective: 27/06/2012 Alameda Juan Pablo II, entre 15 y 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 6 of 18 ii. Certification of the list of shareholders. Said certification must be signed by whoever has the legal representation of the applicant and must be authenticated by a notary; and iii. If the current social pact establishes that for the constitution of any type of company, the legal representative of the applicant needs authorization from any superior body, a notarized certified copy of the minutes point recording said agreement must be presented; and o) Organization chart of the Brokerage House or Licensee, indicating the names of its administrators and their respective positions. (3) When any of the certificates have been issued abroad, applicants must also attach the documents by virtue of which it is proven that the person or entity that issued said certificate is legally authorized to operate in the corresponding country. In the case of foreign Brokerage Houses or Licensees, documentation must be presented proving that they are duly registered in the Commercial Registry, in compliance with the provisions of Articles 358 and 359 of the Commercial Code. (3) The application and documentation may be submitted through the means made available by the Superintendency, which may be electronic. In any case, the period referred to in the first paragraph of Article 12 of these Standards will begin to run from the business day following the day the application was submitted. (2) Information availability Art. 11.- Brokerage Houses and Licensees must keep the following information related to business operations available in their offices for the Superintendency: a) Document stating the development of procedures for the attention, reception of operation instructions, execution, notification of closed orders, registration, and claims of client operations; b) Format of orders taken from clients and the operation vouchers delivered to clients; c) Document stating the handling of privileged information, conflict of interest, and prevention of market manipulation; d) Internal controls they will maintain for the management of client information and procedure manuals which must include internal control mechanisms; and e) Description of computer equipment and its respective programs.

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF BROKERAGE HOUSES, LICENSEES, AND BROKERAGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCY OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Effective: 27/06/2012 Alameda Juan Pablo II, entre 15 y 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 7 of 18 Procedure for the authorization and registration of Brokerage Houses and Licensees (2) Art. 12.- Upon receipt of the application for authorization and registration of Brokerage Houses and Licensees, in accordance with Articles 9 and 10 of these Standards, the Superintendency will proceed to verify compliance with the requirements defined in the Law on Product and Service Exchanges and these Standards, having up to twenty business days for the authorization or denial of the authorization and registration of Brokerage Houses and Licensees. (2) If the application is not accompanied by complete and proper information, as detailed in Articles 9 and 10 of these Standards, the Superintendency, due to the lack of necessary requirements, may require applicants to submit the missing documents within ten business days counted from the day following notification, a period that may be extended at the request of the applicants, when there are reasons that justify it. (2) The Superintendency, in the same warning, will inform applicants that if they do not complete the information within the aforementioned period, it will proceed without further processing to archive the application, reserving their right to submit a new application. (2) If, after analyzing the documentation submitted in accordance with Articles 9 and 10 of these Standards, the Superintendency has observations or when the documentation or information submitted is not sufficient to establish the facts or information intended to be accredited; the Superintendency will warn applicants once to rectify the deficiencies communicated or to present additional documentation or information as required. (2) Applicants will have a maximum period of ten business days, counted from the day following notification, to resolve the observations or submit the information required by the Superintendency. (2) The Superintendency may, by reasoned resolution, extend the period indicated in the preceding paragraph by up to another ten business days, when the nature of the observations or deficiencies warned so requires. (2)

Extension period (2) Art. 12-A.- Applicants may submit to the Superintendency a request for an extension of the deadlines indicated in the fifth paragraph of Article 12 of these Standards, before the expiration of said deadline, stating the reasons on which it is based and proposing, where applicable, the relevant evidence. (2) The extension period may not exceed ten business days and will begin on the business day following the expiration date of the original period. (2)

CHAPTER III REQUIREMENTS FOR THE AUTHORIZATION AND REGISTRATION OF BROKERAGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCY OF THE FINANCIAL SYSTEM

Sobre los Agentes de Bolsa Art. 14.- To legalize the representation of Agents in operations carried out in the Exchanges, Stock Exchanges and Licensees must grant them a power of attorney via public deed, which must be registered in the Commerce Registry. When the legal representative of the Stock Exchange or Licensee acts as an Agent, the power of attorney mentioned in the preceding paragraph will not be necessary, provided that this authority was granted in their appointment. (3)

Art. 15.- For an Agent to participate in intermediation operations in an Exchange, they must be previously authorized and registered in the Registry maintained by the Superintendence for such purposes. No Stock Agent may act as such for two or more Stock Exchanges and Licensees simultaneously.

Requirements for the authorization and registration of Agents with the Superintendence Art. 16.- To be authorized and registered as a Stock Agent, the following requirements must be met: a) Be of legal age;

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF STOCK EXCHANGES, LICENSEES, AND STOCK AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Validity: 27/06/2012 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 9 of 18 b) Be Salvadoran or foreign, with experience and knowledge in the intermediation of products and services; c) Possess higher education studies or have passed at least the third year of university studies; d) Have a power of attorney granted by a Stock Exchange or a Licensee to carry out intermediation operations in an Exchange, which must be duly registered in the Commerce Registry; e) Possess a credential accrediting them as an Agent, issued by an Exchange; f) Pass the Agent training course and take a knowledge exam at an Exchange, obtaining a minimum score of seven points out of a total of ten; g) Have no criminal records; h) Not be insolvent or bankrupt unless rehabilitated; i) Not have been judicially qualified as responsible for culpable or fraudulent bankruptcy; j) Not have been convicted of any type of crime; k) Not be a debtor of the financial system for credits to which a 50% or more of the balance has been allocated for soundness reserves while such situation persists; l) That their registration as an Agent in the Registry of the Superintendence has not been cancelled, resulting from an Administrative Sanctioning Procedure; m) That they have not been sanctioned as a Director or Administrator by the Superintendence, in companies with the quality of Exchanges or Stock Exchanges; n) That their participation in activities related to drug trafficking, terrorism financing, and money laundering and assets has not been judicially proven; and o) What is established in Article 82 of the Law for the Supervision and Regulation of the Financial System. The Superintendence will verify compliance with the requirements related to the Agent's credit situation through the information systems available to it.

Content of the Application Art. 17.- For the authorization and registration of Agents in the Registry of the Superintendence, it is necessary to submit an application signed by the legal representative or attorney-in-fact of the Stock Exchange or Licensee, specifying the following information in said application: a) Full name of the Agent, age, nationality, profession or occupation, address, Unique Identity Document number and Tax Identification Number, which will be required in cases defined by the Tax Administration. In the case of foreign national Agents, a legible copy of the valid passport or residence card must be presented; (3)

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF STOCK EXCHANGES, LICENSEES, AND STOCK AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Validity: 27/06/2012 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 10 of 18 b) Date and number of the Board of Directors meeting minutes in which authorization as an Agent was received from an Exchange, as well as the number of the credential granted to the Agent; c) Date of the power of attorney granted by the Stock Exchange or Licensee to the Stock Agent via public deed, to act on their behalf, as well as the date of its registration in the Commerce Registry; d) Signature of the legal representative or attorney-in-fact on the application, including their full name and nationality; and e) Place to receive any kind of notifications and the designation of persons commissioned for such effect. (1) Documents that must be attached to the application Art. 18.- The application for authorization and registration of Agents must be accompanied by the following personal information: a) Legible copies of the Unique Identity Document and the Tax Identification Number of the Agent, which will be required in cases defined by the Tax Administration; (3) b) Legible copies of the Passport and the Tax Identification Number for agents of foreign nationality; c) Curriculum Vitae, as well as legible copies of documentation supporting the information described in their curriculum; d) Legible copy of the documents accrediting the level of university studies required in these Standards; e) Legible copy of the credential as an Agent granted by an Exchange and the power of attorney granted via public deed by a Stock Exchange or Licensee to the Stock Agent, duly registered in the Commerce Registry; f) Accredit, through the corresponding document, having presented themselves before an Exchange for Agent training courses and a knowledge exam on the functioning and practices of intermediation operations of Products and Services in an Exchange, as well as the laws and regulations applicable in said matter; obtaining a minimum score of seven points out of a total of ten; g) Valid certificate of no criminal records at the date of submission of the application to the Superintendence; and (3) h) Sworn declaration by the Agent, which must be authenticated by a notary and prepared in accordance with the format established in Annex No. 2 of these Standards. The application and documentation may be submitted through the means made available by the Superintendence, which may be electronic. In any case, the time limit referred to in the first paragraph of Article 19 of these Standards will begin to run from the next business day after the application has been submitted. (2)

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF STOCK EXCHANGES, LICENSEES, AND STOCK AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Validity: 27/06/2012 Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 11 of 18 Procedure for the authorization and registration of Stock Agents (2) Art. 19.- Upon receipt of the application for authorization and registration of Agents, in accordance with what is established in Articles 17 and 18 of these Standards, the Superintendence will proceed to verify compliance with the requirements defined in the Law on Product and Service Exchanges, having up to twenty business days to authorize or deny the authorization of Agents. (2) (3) If the application is not accompanied by the complete and duly formatted information detailed in Articles 17 and 18 of these Standards, the Superintendence, due to the lack of necessary requirements, may require the applicants to present the missing documents within a period of ten business days counted from the day following the notification, a period that may be extended at the request of the applicants, when there are reasons justifying such extension. (2) The Superintendence, in the same notice, will indicate to the applicants that if they do not complete the information within the aforementioned period, it will proceed without further procedure to archive the application, leaving them free to submit a new application. (2) If after the analysis of the documentation presented in accordance with Articles 17 and 18 of these Standards, the Superintendence has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be accredited; the Superintendence will notify the applicants once to remedy the deficiencies communicated or present additional documentation or information requested. (2) The applicants will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the information requested by the Superintendence. (2) The Superintendence may, through a reasoned resolution, extend by up to another ten business days the period indicated in the preceding paragraph, when the nature of the observations or deficiencies notified so requires. (2)

Extension Period (2) Art. 19-A.- Applicants may submit to the Superintendence an application for extension of the periods indicated in the fifth paragraph of Article 19 of these Standards, before the expiration of said period, stating the grounds for such request and proposing, if applicable, the relevant evidence. (2) The extension period may not exceed ten business days and will begin from the next business day following the expiration date of the original period. (2)

Update of information in the Registry of the Superintendence Art. 21.- Stock Exchanges and Licensees will communicate to the Superintendence any change related to the information in the Public Registry concerning their societies and their Agents, no later than within three business days following the occurrence of the event, submitting the documentation within a period of thirty days subsequent to the event motivating the change; however, this period may be extendable at the request of Stock Exchanges or Licensees in justified cases. (3)

Art. 22.- When an Agent ceases to provide their services to a Stock Exchange or Licensee, whether because they resign or are dismissed, it will be the responsibility of these entities to effect the revocation of the power of attorney granted to the Agent via public deed, which must be registered in the Commerce Registry. (3) The Stock Exchange or Licensee must communicate and submit documentation to the Superintendence regarding the cessation of an Agent's activities within the timeframes established in Article 21 of these Standards. The documentation to be submitted will be the following: (3) a) Legible copy, notarially certified, of the instrument stating the revocation of the power of attorney to the Agent, duly registered in the Commerce Registry; b) Repealed; and (3)

Art. 22-B.- If the cessation of activities is not due to a change of labor relationship, but to the termination thereof due to resignation or dismissal, the Agent will have a period of one year to rejoin a Stock Exchange or Licensee to act as such; during this period, the Superintendence will suspend the registry entry to operate as an Agent in accordance with what is established in Article 15 letter m) of the Law for the Supervision and Regulation of the Financial System. The aforementioned period will be counted from the date of resignation or dismissal. Notwithstanding the foregoing, the Superintendence may proceed to cancel the Registration in accordance with what is established by the prevailing legal framework. (3) If during the period referred to in the preceding paragraph, the Agent shows interest in having the registry entry reactivated, the new contracting Stock Exchange or Licensee must submit to the Superintendence an application for modification of the registry entry, in accordance with what is established in Article 22-A of these Standards. (3) Once the one-year period mentioned in the preceding paragraphs has elapsed and if the Agent has not joined a new Stock Exchange or Licensee, the Superintendence will proceed to cancel the registry entry and the authorization to operate as an Agent. Notwithstanding the foregoing, and considering that the cancellation was not an act resulting from a sanction imposed by the Superintendence, the interested party, upon rejoining a Stock Exchange or Licensee, will maintain their right to

Registry of Stock Agents to be maintained by Stock Exchanges and Licensees. Art. 23.- Stock Exchanges and Licensees will maintain a registry of their Agents, which must contain at minimum the following information: a) Full name of the Agent, profession, general information of the Agent, such as: Tax Identification Number, which will be required in cases defined by the Tax Administration, Unique Identity Document number, address, telephone, nationality. In the case of foreign national Agents, a legible copy of the valid passport or residence card must be presented; (3) b) Date and number of the Board of Directors meeting minutes in which authorization as an Agent was received from an Exchange; c) Number of the credential granted by the Board of Directors of an Exchange; d) Date of the power of attorney granted by the Stock Exchange or Licensee to the Stock Agent via public deed, to act on their behalf; as well as the date of its registration in the Commerce Registry; e) Date and number of the Board of Directors Session of the Superintendence in which the Board of Directors of the Superintendence registered the Agent in the Public Registry; f) Date of the Agent's entry into the Stock Exchange or Licensee; g) Date of registration in the Commerce Registry of the revocation of the power of attorney granted to the Stock Agent by the Stock Exchange or Licensee, as applicable; h) Date of the Agent's withdrawal; and i) Signature of the Agent.

CHAPTER V OTHER PROVISIONS AND VALIDITY

Submission of Information (3) Art. 24.- The documentation submitted to the Superintendence, in compliance with what is provided in these Standards, must conform to the corresponding legal formalities, especially regarding the following: (3) a) The copies presented must be legible and certified by an authorized notary in El Salvador. In the cases of copies of the Unique Identity Document and the Tax Identification Number, which will be required in cases defined by the Tax Administration, notarial certification will not be required; (3) b) The signatures appearing in all types of documentation issued in El Salvador must be authenticated by a Salvadoran notary duly authorized to exercise such function, in accordance with the Notary Law; and (3) c) The documentation presented from abroad, both copies and signatures appearing therein, must be authenticated or certified by a foreign notary or official, as applicable, following the procedure for legalization of signatures or respective apostille. (3) In the case that the documents are not in the Spanish language, they must be translated in accordance with what is established in the Law on the Practice of Notarial Law of Voluntary Jurisdiction and Other Proceedings (3). Compliance with Requirements Art. 25.- Stock Exchanges and Licensees are responsible for verifying that Broker Agents comply with the requirements established in these Standards. (3) Transitory Art. 26.- For the Registration with the Superintendence of Stock Exchanges, Licensees, and Agents operating at the date of validity of these Standards and to comply with the period defined in Article 115 of the Law for the Supervision and Regulation of the Financial System, the Superintendence will request from the Product and Service Exchange, certification of the authorization granted to Stock Exchanges, Licensees, and Stock Agents. For the purpose of completing the registration information with the Superintendence, Stock Exchanges, Licensees, and Agents will have a maximum period of 60 business days from August 2, 2012, to submit to the Superintendence the application and information related to Articles 9, 10, 17, and 18 of these Standards, as applicable. (3) In the case of Stock Agents, who at the date of validity of these Standards are authorized by an Exchange to exercise said position; they will not be required to comply with letter c) of Article 16 of these Standards. (3) Sanctions (2) Art. 26-A.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law for the Supervision and Regulation of the Financial System. (2) Unforeseen Aspects Art. 27.- Aspects not provided for in terms of regulation in these Standards will be resolved by the Central Reserve Bank of El Salvador, through its Standards Committee. (2)

Validity Art. 28.- These Standards will enter into force on the twenty-seventh day of June two thousand twelve.

CNBCR-06/2012 NRP-03 TECHNICAL STANDARDS FOR THE AUTHORIZATION AND REGISTRATION OF STOCK EXCHANGE POSITIONS, LICENSEES AND STOCK EXCHANGE AGENTS IN THE PUBLIC REGISTRY OF THE SUPERINTENDENCE OF THE FINANCIAL SYSTEM TO PROVIDE SERVICES IN THE PRODUCT AND SERVICE EXCHANGES. Approval: 08/06/2012 Validity: 27/06/2012 Alameda Juan Pablo II, between 15 and 17 Norte Ave, San Salvador, El Salvador. Tel. (503) 2281-8000 www.bcr.gob.sv Page 16 of 18 MODIFICATIONS: (1) Modification approved based on the generic procedure agreed upon by the Standards Committee of the Central Reserve Bank in Session CN-01/2016, on February 24, 2016. Modification validity starting from September 5, two thousand seventeen. (2) Modifications to Articles 2, 3, 9, 10, 12, 13, 18, 19, 20, 27 and incorporation of Articles 12-A, 12-B, 19-A, 19-B and 26-A, approved by the Central Bank through its Standards Committee, in Session CN-11/2021, on August 31, two thousand twenty-one, with validity starting from September 17, two thousand twenty-one. (3) Modifications in Articles 9, 10, 14, 17, 18, 19, 21, 22, 23, 25 and 26, in Annex No. 1 and No. 2, incorporation of Articles 22-A and 22-B, and substitution of Article 24, approved by the Central Reserve Bank of El Salvador through its Standards Committee, in Session No. CN-07/2022, of August 31, two thousand twenty-two, with validity starting from September 19, two thousand twenty-two.