CNBCR-09/2023
Approval: 09/26/2023
Validity: 10/11/2023
NDMC-26
TECHNICAL STANDARDS FOR THE AUTHORIZATION OF INCORPORATION, COMMENCEMENT OF OPERATIONS, AND REGISTRATION OF SECURITIZATION COMPANIES CENTRAL RESERVE BANK OF EL SALVADOR GOVERNMENT OF EL SALVADOR

THE COMMITTEE OF NORMS OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:

I. That Article 5 of the Securitization of Assets Law establishes that to incorporate a Securitization Company, authorization must be requested from the Superintendency, presenting along with the application the information indicated therein.

II. That Article 8 of the Securitization of Assets Law establishes that, having met the requirements demanded by this Law, having verified the accounting and information systems, as well as the internal controls and procedures of the entity, and having registered its articles of incorporation in the Commercial Registry, the Board shall agree to the commencement of operations of the Securitization Company, authorizing its registration, which must be carried out within a maximum period of five business days.

III. That Article 3, subsection b) of the Financial System Supervision and Regulation Law establishes that it is the competence of the Financial System Superintendency to authorize the incorporation, functioning, commencement of operations, suspension of operations, modification, revocation of authorization, closure, and other acts of the members of the financial system, in accordance with the legal, regulatory, or technical normative provisions established regarding the matter. In the case of closure, it will coordinate the actions established by the laws with other involved institutions.

IV. That Article 7, subsection q) of the Financial System Supervision and Regulation Law establishes that securitization companies are subject to the provisions of said Law and therefore to the supervision of the Financial System Superintendency.

THEREFORE,

by virtue of the normative powers conferred upon it by Article 99 of the Financial System Supervision and Regulation Law,

AGREES to issue the following:

TECHNICAL STANDARDS FOR THE AUTHORIZATION OF INCORPORATION, COMMENCEMENT OF OPERATIONS, AND REGISTRATION OF SECURITIZATION COMPANIES

CHAPTER I

OBJECT, SUBJECTS, AND TERMS

Object

Art. 1.- These Standards aim to establish the requirements and the

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