Regulatory Alerts2022-12-30 | NSP-72Added · Updated
Technical Standards for the Authorization and Registration of Pension Service Agents for Pension Fund Administrators
The Committee of Standards of the Central Reserve Bank of El Salvador issued technical standards regulating the authorization and registration of Pension Service Agents for Pension Fund Administrators. The document mandates that agents must pass an exam with a minimum passing grade of 70 out of 100 and be registered with the Superintendency of the Financial System, which has a maximum processing period of thirty business days. It requires Pension Fund Administrators to maintain agent files, provide at least forty hours of annual training, and report dismissals or resignations within three days. Agents are restricted to providing services exclusively to one Pension Fund Administrator at a time and must hold an indefinite authorization valid only while the employment relationship remains in force.