CNBCR-07/2025
Approval: 28/08/2025
Validity: 11/09/2025

NRP-88
TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND START OF OPERATIONS OF INVESTMENT BANKS IN EL SALVADOR

CENTRAL RESERVE BANK
OF EL SALVADOR
GOVERNMENT OF
EL SALVADOR

THEREFORE, by virtue of the regulatory powers conferred by Article 99 of the Law on Supervision and Regulation of the Financial System,

AGREES, to issue the following:

TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND START OF OPERATIONS OF INVESTMENT BANKS IN EL SALVADOR

CHAPTER I
OBJECT, SUBJECTS, AND TERMS

Object
Art. 1.- These Standards aim to establish the requirements and the process for the authorization of the establishment of companies that propose to operate as Investment Banks in El Salvador, as well as for the start of operations and the corresponding registration with the Superintendencia del Sistema Financiero.

Subjects
Art. 2.- The subjects obligated to comply with the provisions established in these Standards are the persons interested in receiving authorization to establish and operate an Investment Bank in El Salvador.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Central Bank: Central Reserve Bank of El Salvador; b) Investment Banks: In accordance with Article 3, first paragraph of the Investment Banks Law, these are those institutions that act habitually in the financial market, being able to carry out operations and provide services exclusively with Sophisticated Investors, in accordance with the active, passive, and investment operations established in the Investment Banks Law or those duly authorized by the Central Bank within its competence; c) Identity Document: Refers to the Unique Identity Document, Minority Card, Passport, or Resident Card, as applicable; d) Sophisticated Investor: In accordance with Article 4 of the Investment Banks Law, these are natural or legal persons, national or foreign, to whom Investment Banks are authorized to offer their services, who must meet the criteria established in said article; e) Board of Directors: A collegiate body responsible for the administration of the entity, with functions of supervision, direction, and control, or an equivalent body;

f) Law: Investment Banks Law; g) NIT: Tax Identification Number; and h) Superintendencia: Superintendencia del Sistema Financiero.

CHAPTER II
ON ORGANIZATION AND ADMINISTRATION

Organization
Art. 4.- Investment Banks shall be established with a minimum of two shareholders and must be organized as fixed-capital anonymous societies, of indeterminate term, domiciled in El Salvador.

Minimum Paid Capital
Art. 5.- The minimum paid social capital for the establishment of an Investment Bank must be in accordance with what is established in Article 23 of the Law.

Board of Directors
Art. 6.- Investment Banks must be administered by a Board of Directors, integrated by three or more principal directors and an equal number of alternate directors. Those who meet the requirements and are not within the causes of ineligibility established in Article 17 of the Law may be directors.

Authorization for Shareholding
Art. 7.- If a natural or legal person wishes to hold more than one or ten percent of the shares of an Investment Bank, they must request prior approval from the Superintendencia, submitting an authorization request, according to the models established in Annexes No. 1 and 2 of these Standards, respectively. The authorization will be denied when the acquirer is in any of the circumstances established in Article 17 of the Law.

CHAPTER III
PROCEDURE FOR AUTHORIZATION OF THE ESTABLISHMENT OF AN INVESTMENT BANK IN EL SALVADOR

Regarding the request for authorization to establish Art. 8.- Those interested in establishing a company that will operate as an Investment Bank must submit to the Superintendencia a request signed by the Legal Representative or attorney-in-fact, which must contain the following documentation:
a) Draft social deed or social agreement incorporating the bylaws. This draft must contain the requirements indicated in Articles 22 and 194 of the Commercial Code and those mentioned in the Notary Law; b) Business plan including the following:
i. Organization and administration scheme of the Investment Bank;

ii. Financial projections for two years indicating the expected profitability, detailing the premises used;
iii. Description of the plans the applicant proposes to develop in the short, medium, and long term, indicating the viability and feasibility, both economic and financial. Developing at least the commercial, financial, and investment plans;
iv. Social capital;
v. Shareholding participation regarding subsidiaries;
vi. Internal policies that the Investment Bank will implement;
vii. Financial statements and their projections for two years, detailing the premises used; and
viii. Projected equity fund for two years and in accordance with what is required in Article 24 of the Law, detailing the premises used.
c) Name or trade name of the firm that will conduct the external audit of the Investment Bank, which must be registered in the Registry of External Auditors of the Superintendencia, in accordance with what is established in Article 59 of the Law; d) List of future shareholders, who cannot be fewer than two, with specification of their general information and shareholding participation.

If a natural person, they must present the following:
i. Full name;
ii. Nationality and domicile;
iii. Copy of the Unique Identity Document;
iv. Copy of the NIT, which will be in accordance with what is established by the Tax Administration;
v. Curriculum vitae, attaching support of university degrees and certificates of experience in administrative and financial matters;
vi. Certified copy of passport, in the case of foreigners;
vii. Request to be a holder of more than one or ten percent of the shares, in accordance with Annex No. 1 of these Standards;
viii. Annual financial statements of the last three years with their corresponding audit opinions and notes, when applicable. If the person is subject to formal accounting for a recent obligation, they must present at least the Financial Statements of the last fiscal year;
ix. Sworn declaration, stating that they are not in any of the causes indicated in Article 17 of the Law, for the authorization of the acquisition of shares in excess of one or ten percent of the social capital of the Investment Bank, expressly mentioning each of them, in accordance with Annex No. 4 of these Standards;
x. Valid certificate issued by the General Directorate of Penal Centers stating no criminal record. In the case of foreign shareholders, they must present the document accrediting that they have no criminal record issued by the competent authority in their country of origin;

xi. Certificate issued by the financial entity evidencing the availability of funds to acquire the shareholding participation;
xii. Income Tax Return corresponding to the last fiscal year;
xiii. Information evidencing the origin of funds for the acquisition of shares;
xiv. In the case that the origin of the funds are loans contracted, attach the following:
1. Copy of the loan or loan agreement; and
2. Projected Cash Flow for ten years of income, expenses, and accumulated balances.

If a legal person, they must present the following information:
i. Name or trade name;
ii. Nationality and domicile;
iii. Copy of the NIT, which will be in accordance with what is established by the Tax Administration;
iv. Annual financial statements of the last three years with their corresponding audit opinions and notes, when applicable. If the company is recently established, it must present at least the Financial Statements of the last fiscal year;
v. Testimony of the deed of establishment and bylaws, or creation law, as applicable, in both cases with their reforms and legal representation;
vi. Power of attorney granted to be represented as a shareholder;
vii. Certification of the point of the minutes, where the acquisition of shares is authorized;
viii. Request to be a holder of more than one or ten percent of the shares, in accordance with Annex No. 2 of these Standards;
ix. Information evidencing the origin of funds for the acquisition of shares;
x. Certificate issued by the financial entity evidencing the availability of funds to acquire the shareholding participation;
xi. Sworn declaration, stating that they are not in any of the causes indicated in Article 17 of the Law, for the authorization of the acquisition of shares in excess of one or ten percent of the social capital of the Investment Bank, expressly mentioning each of them. The sworn declaration must be signed by the legal representative, in accordance with Annex No. 5 of these Standards;
xii. Certification mentioning the names of the main shareholders or partners of the requesting legal person, with their corresponding shareholding participation; and
xiii. Updated credentials of the Board of Directors or its equivalent, of the requesting legal person.
e) List and general information of future directors, and their spouses, with the following information:
i. Sworn declaration of not being within the causes of ineligibility indicated in Article 17 of the Law. In the case of the spouses of the directors, they must declare that they are not within the causes of ineligibility applicable to them according to the third paragraph of Article 17 of the Law. The sworn declaration must be in accordance with Annex No. 3 of these Standards;
ii. Valid certificate issued by the General Directorate of Penal Centers stating no criminal record. In the case of foreign shareholders, they must present the document accrediting that they have no criminal record issued by the competent authority in their country of origin;
iii. Curriculum vitae, only in the case of directors, indicating their experience. In the case of the president director or whoever substitutes him, they must prove at least five years of experience in management or senior administration positions in banking or financial institutions, and
iv. Bank references.
f) Place, email, and telephone contact to receive any kind of notifications and the designation of persons commissioned for such effect.

The request and documentation may be submitted through the means made available by the Superintendencia, which may be electronic. In any case, the time limit referred to in the first paragraph of Article 9 of these Standards will begin to run from the next business day after the request has been submitted.

Authorization procedure to establish the Investment Bank Art. 9.- Upon receiving the request for authorization to establish the Investment Bank in accordance with what is established in Article 8 of these Standards, the Superintendencia will proceed to verify compliance with the requirements defined in the Law and these Standards, having sixty business days counted from the date of submission of the request, to authorize or deny the request for authorization to establish the company.

If the request is not accompanied by the complete and duly formatted information detailed in Article 8 of these Standards, the Superintendencia, due to the lack of necessary requirements, may require the applicant 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 interested entity when there are reasons justifying it.

The Superintendencia, in the same notice, will indicate to the applicant that if the information is not completed within the aforementioned period, the Superintendencia will proceed, without further procedure, to archive the request, leaving them free to submit a new request.

If after the analysis of the documentation presented in accordance with Article 8 of these Standards, the Superintendencia has observations or when the documentation or information presented is not sufficient to establish the facts or information intended to be accredited as requested, the Superintendencia will notify the respective requesting entity to rectify the deficiencies communicated or present additional documentation or information requested.

The applicant will have a maximum period of ten business days counted from the day following the notification, to resolve the observations or present the additional information requested by the Superintendencia.

The Superintendencia may, through a reasoned resolution, extend by up to another ten business days, the period indicated in the previous paragraph, when the nature of the observations or notified deficiencies so requires.

Extension Period
Art. 10.- The requesting entity may submit to the Superintendencia a request for extension of the period indicated in the third paragraph of Article 9 of these Standards, before the expiration of said period, expressing the grounds on which it is based and proposing, if applicable, the relevant proof.

The extension period cannot exceed ten business days and will start from the next business day after the expiration date of the original period.

Suspension of the Period
Art. 11.- The sixty-business-day period indicated in the first paragraph of Article 9 of these Standards will be suspended for the days that elapse between the notification of the request for information or documentation referred to in the third paragraph of Article 9 of these Standards, until the observations requested by the Superintendencia are resolved.

Publication of Initial Shareholders and Directors Art. 12.- The Superintendencia may, after receiving the request for the establishment of Investment Banks and obtaining all the required information, publish once on its website for a period of ten business days, the list of the initial shareholders and directors of the Investment Bank to be established. The publication will serve the purpose that any person who knows that any of the ineligibilities established in Article 17 of the Law exists regarding the initial shareholders and directors who will form part of the society, may object to them.

The Superintendencia will notify this circumstance to the objecting person, who must present within a period of five business days counted from the respective notification, pronouncing themselves on the opposition raised, being able to attach any evidence supporting their arguments or clarifications, which will be analyzed and valued by

the Superintendencia, who will indicate whether they are valid or not.

Modifications in the Documentation
Art. 13.- If during the period referred to in the first paragraph of Article 9 of these Standards, any change occurs in the information or documentation presented to the Superintendencia in accordance with Article 8 of these Standards, the applicants must send to the Superintendencia the updated information or documentation within five days following the change.

Additionally, when a change occurs in the information published in the notice referred to in Article 12 of these Standards, the publication must be repeated under the same terms and periods established in said article.

Resolution
Art. 14.- In the case that all the requirements established in the Law and these Standards have been met, and the interested parties have sent all the requested information, the Superintendencia will grant the authorization to establish as an Investment Bank, when in its judgment, with the presented information, it proves the following:
a) Good financial situation and solvency of shareholders holding more than one percent, both economically and financially, including the consolidated analysis for each of them, of the set of companies, businesses, assets, and debts affecting them. In any case, the equity of each of them must be at least equivalent to the capital they commit to contribute to the new institution; b) That the shareholders are not in any of the causes of ineligibility detailed in Article 17 of the Law. The interested parties must demonstrate the legitimate origin of the funds to be invested; and c) That the financial projections and business plans presented satisfactorily support the feasibility of the new Investment Bank.

When the resolution is favorable, the inscription in the Commercial Registry of the constitutive instruments of the society in question or a certification of the same will be authorized in the same, which must contain the terms indicated in Article 206 of the Commercial Code, as applicable, indicating in it the period within which the constitutive deed must be granted, in which the certificates of the sums deposited in the Central Bank, accrediting the shares subscribed and paid by the shareholders, must be related. If the resolution is denying, the notification will contain the reasoned causes for which it is denied.

The Superintendencia will proceed to communicate the corresponding resolution to the applicant within a maximum period of three business days, from the date of its issuance.

Review of Testimony
Art. 15.- Prior to the presentation of the testimony of the deed of establishment in the

TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL SALVADOR

CNBCR-07/2025
Approval: 28/08/2025
Validity: 11/09/2025
NRP-88

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Commerce Registry, it must be presented to the Superintendence so that it may qualify whether the terms stipulated in the social pact are in accordance with the previously authorized projects, and to verify whether the social capital has been effectively integrated in accordance with the authorization. The Superintendence shall have a period of ten business days to carry out said verification.

If there are differences between the public deed of establishment and the project of the same authorized by the Superintendence, the latter must communicate this to the applicant within the period indicated in the first paragraph of this article, so that the authorizing notary proceeds to make the respective adjustments, and the testimony of the public deed must be presented again before the Superintendence, within a period of twenty business days from the date of communication of the inconsistencies or differences, for its verification.

Art. 16.- If the Superintendence determines that there are no inconsistencies between the public deed of establishment and the project of the revised deed, or in the case that the inconsistencies communicated in accordance with Article 15 of these Standards have been overcome; the Superintendence shall proceed within a period of five business days to issue a certificate signed by the Superintendent of the Financial System, which contains the favorable qualification of said deed, with the object that it may be presented at the Commerce Registry for the corresponding registration.

Procedure if the Commerce Registry makes observations on the testimony of the public deed of social establishment, or denies its registration

Art. 17.- When the Commerce Registry notifies the authorizing notary or any other interested party, the denial or the making of observations on the testimony of the public deed of establishment of an Investment Bank, that person or those persons must, in turn, notify such circumstance to the Superintendence in writing and no later than the next business day after having received the respective notification.

In said writing, the interested party or the authorizing notary must relate at least, the presentation number of the respective instrument at the Commerce Registry and state whether they will file any kind of appeal aimed at achieving the registration of the testimony or, in its case, the manner in which they intend to remedy the respective observations, as well as the result of such actions, which must be notified to the Superintendence in the manner provided in the first paragraph of this article.

If for the registration of the instrument in question, it is necessary to modify the conditions under which the Superintendence ordered its favorable qualification, it may, upon written request of the future shareholders or their proxies, proceed to issue a new certificate in the terms established in Article 16 of these Standards.

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Once the testimony is registered and the statutes are deposited at the Commerce Registry, the Investment Bank will send a copy of said instruments to the Superintendence.

Art. 18.- In the case that the Board of Directors has not been elected in the public deed of establishment, the applicants must send to the Superintendence a copy of the certificate of registration of this, at the Commerce Registry, in order to corroborate that it coincides with the Board of Directors published in the notice referred to in Article 12 of these Standards. In the case that the published list does not coincide with the certificate of the minutes point where the Board of Directors is elected, the Superintendence, at the expense of the applicants, will carry out a new publication for the purposes of Article 12 of these Standards.

Registration of shares

Art. 19.- The Investment Bank may, but is not obligated to, register its shares in a stock exchange, as established in Article 6 of the Law.

Art. 20.- The Investment Bank, in order to begin the process of commencement of operations, must have the deed of establishment registered at the Commerce Registry.

CHAPTER IV

ON THE COMMENCEMENT OF OPERATIONS

Documentation for commencement of operations

Art. 21.- The new entity that will operate as an Investment Bank, within a period of six months counted from the constitution of the company, must request authorization for the commencement of operations from the Superintendence in accordance with what is established in Article 12 of the Law, attaching the following documentation:

a) Note signed by the legal representative of the Investment Bank, in which it requests the Superintendence, the authorization for the commencement of operations and its corresponding entry in the Register of the Superintendence;

b) Details of the address of at least one physical office in the country for purposes of legal representation, administrative procedures, supervision, and tax procedures, in accordance with Article 10, fourth paragraph of the Law;

c) Legible copy of the certificate of the minutes point of the General Shareholders' Meeting in which the election of the Board of Directors is recorded, prior to its registration at the Commerce Registry, in the case that they have not been appointed in the constitutive act;

d) Legible copy of the minutes point of the General Shareholders' Meeting or the Board of Directors, by virtue of which the appointment of the general manager or executive director and the compliance officer has been made;

e) Copy of the Tax Identification Number (NIT), which will be in accordance with what is established by the Tax Administration, and the Taxpayer Registration Number of the Investment Bank;

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f) Organizational chart indicating the position and name of the administrators and directors, specifying the position to be held with respect to support staff; as well as the list of managers and other persons who have authorization to decide on the granting of loans, with the same information referred to in letter e) of Article 8 of these Standards;

g) Curriculum vitae and documents that prove that the persons who will work for senior management developing strategic functions, have the necessary technical and professional capacity and academic degree for the performance of said activities;

h) Legible copy of the agreement appointing the external auditor, in the case that it has not been appointed in the constitutive act;

i) Details of the physical infrastructure, furniture, and technical resources adequate to its activity program in accordance with the business plan or model;

j) Details of products and services that will be offered to the public, attaching the contract models considering what is established in Article 30 of these Standards;

k) Deposit Standards approved by the Central Bank, regarding demand deposits, time deposits, savings account deposits, or others, as to characteristics, modalities, and conditions that may be constituted;

l) Budget of fixed expenses of the Investment Bank for the first year of operation;

m) Accounting systems and procedures on the following aspects:

i. The manner in which accounting entries will be recorded, in each of the Main and Auxiliary books;

ii. The manner in which vouchers will be related to the entries in the books and previous records;

iii. Models of financial statements;

iv. Vouchers of income, expenses, among others necessary for the operation; and

v. The accounting systems must be presented in accordance with the applicable legal provisions.

n) Details and technical characteristics of the technological infrastructure that will support the business and accounting operations:

i. List and general description of computer systems and main processes;

ii. Details and technical characteristics of backup servers, storage equipment, communications, and security;

iii. Network diagram, which presents the communications between the main servers, agencies, and external connections;

iv. Copy of contracts and licenses of the computer systems;

v. User manuals;

vi. Relational design of files; and

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vii. Backup procedures, information preservation plans, and information security incident management plans and disaster recovery plans.

o) Policies and mechanisms for the management of the Investment Bank's risks, including those related to preventing and impeding the execution of operations related to money laundering and asset laundering, terrorism financing, and financing of the proliferation of weapons of mass destruction in accordance with the legislation and regulation in said matter. The policies must include at minimum the methodology to systematically identify, measure, control, and mitigate, as well as the adequate monitoring and communication for each of the different types of risks identified; in addition to the certificate of the Minutes Point where said policies were authorized by the Board of Directors;

p) Internal control manuals for the operation of each of the operational processes of the Investment Bank;

q) Organization and procedures manuals that allow it to fulfill its functions adequately, considering the positions of the participants in said procedure and their obligations, as well as the formats of forms to be used in the accounting and operation of the Investment Bank;

r) Regulatory compliance matrix;

s) Present the documentation that states that the Investment Bank has completed the functionality tests of the different systems in each environment, with the approval of the user areas;

t) Process on the accreditation that clients possess the quality of Sophisticated Investors, in accordance with what is established in Article 4 of the Law; and

u) Present internal audit reports on the tests performed on the systems, considering:

i. The preparation of the reports for each system related to the products and services included in the commencement of operations;

ii. Documentation of the tests that were executed as part of the evaluations performed; and

iii. Documentation of the tests performed for the treatment and monitoring of guarantees.

Additionally, the new Investment Bank, to install agencies or banking establishments and their operation, as well as regarding the requirements related to policies, manuals, and procedures on information security, business continuity, operational risk, and digital channels, must comply with what is established in the Technical Standards that for such purposes the Central Bank issues through its Standards Committee.

The application and documentation may be presented through the means made available by the Superintendence, which may be electronic. In any case, the

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CNBCR-07/2025                                                                 NRP-88
Approval: 28/08/2025                                                         TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND
Validity: 11/09/2025                                                          COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL
                                                                             SALVADOR

period referred to in the first paragraph of Article 22 of these Standards, will start
to count from the next business day after having presented the application.

## Authorization procedure for the commencement of operations
**Art. 22.-** Upon receiving the application for authorization for the commencement of operations of the company, in
accordance with what is established in Article 21 of these Standards, the Superintendence
will proceed to verify compliance with the requirements defined in the Law and the present
Standards, having a period not greater than twenty business days.

If the application is not accompanied by the complete and duly formatted information, as
detailed in Article 21 of these Standards, the Superintendence, in the absence of
necessary requirements, may require the applicants to, within a period of ten business days
counted from the day following the notification, present the missing documents, a period that may be extended upon request of the interested persons, when there are reasons that justify it.

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 present a new application.

If after the analysis of the documentation presented in accordance with Article 21 of the
present Standards, the Superintendence has observations or when the documentation
or information that has been presented does not result sufficient to establish the facts
or information that is intended to be accredited; the Superintendence will notify the applicants
to remedy the deficiencies communicated to them or present documentation or
information additional that is requested of them.

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.

The Superintendence may, through a reasoned resolution, extend by up to another ten
business days the period indicated in the previous paragraph, when the nature of the
observations or deficiencies notified so requires.

## Extension period
**Art. 23.-** The applicants may present to the Superintendence a request for extension
of the period indicated in the fifth paragraph of Article 22 of these Standards, before the
expiration of said period, expressing the grounds on which it is based and
proposing, if applicable, the relevant proof.

The extension period may not exceed ten business days and will start from the next business
day following the expiration date of the original period.

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CNBCR-07/2025                                                                 NRP-88 Approval: 28/08/2025                                                         TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND Validity: 11/09/2025                                                          COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL SALVADOR

## Suspension of the period  
**Art. 24.-** The period of twenty business days indicated in the first paragraph of Article 22 of the present Standards, will be suspended for the days that elapse between the notification of the request to complete information or documentation referred to in the second and fifth paragraphs of said article, until the interested parties remedy the observations required by the Superintendence.

## Resolution  
**Art. 25.-** Once the complete and duly formatted documentation is presented, complying with all the requirements established in the Law and the present Standards, verifying its internal controls and procedures, and registering the social deed at the Commerce Registry, the Superintendence will certify that the company may commence its operations with the public. The Superintendence will notify the certification to the company within a maximum period of three business days from the date the resolution is issued. The certification will be valid for a period of one year from its issuance.

The Superintendence will publish, at the expense of the interested parties, in the Official Journal and in two national circulation newspapers or another digital publication platform with greater or equal coverage, and on its website, only once the previous resolution indicating at minimum the name of the Investment Bank, data related to the granting and registration of its social deed, amount of paid capital, name of the directors and administrators, in accordance with what is established in Article 12 of the Law.

In any case, the operations of the authorized Investment Bank must not begin until the publications referred to in the previous paragraph have been materially verified.

## Extension for commencement of operations  
**Art. 26.-** If the period of validity of the certification established in the first paragraph of Article 25 of these Standards has elapsed, and the Investment Bank has not commenced its operations, it may request from the Superintendence an extension period of up to six months, for which it must present the documentation supporting said request, as well as a projected schedule of activities to be carried out until reaching the new estimated commencement of operations date by the Investment Bank, by the means made available by the Superintendence, which may be electronic.

The application must be presented at least one month in advance of the expiration of the original period established in Article 25 of these Standards.

## Regarding the impossibility of commencement of operations  
**Art. 27.-** If upon the expiration of the period or extension, referred to in Articles 25 and 26 of these Standards, the Investment Bank has not commenced operations, it will be considered that there is impossibility to achieve the main purpose, so that the Superintendence will cancel the authorization to operate.

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CNBCR-07/025                                                                 NRP-88
Approval: 28/08/2025                                                         TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND
Validity: 11/09/2025                                                          COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL
                                                                             SALVADOR

## Commencement of operations
**Art. 28.-** The Investment Bank must inform the Superintendence, through the
means made available, which may be electronic, with twenty business
days in advance of the commencement of operations, the following:
a) The day on which it will commence operations with the public;
b) Public service hours; and
c) List of personnel and the register of persons authorized to send information to
   the Superintendence.

## CHAPTER V
## OTHER PROVISIONS AND VALIDITY

## Presentation of information
**Art. 29.-** The copies presented to the Superintendence, in compliance with what is
established in these Standards, must be legible and certified by a Salvadoran Notary. In the cases where the copies correspond to the Unique Identity Document (DUI) and the Tax Identification Number (NIT), notarial certification is not required.

Likewise, the signatures that match in all types of documentation issued in El Salvador
must be legalized by a Salvadoran Notary.

Notwithstanding the foregoing, if the documentation presented comes from abroad, both
the copies and the signatures that appear in it must be authenticated or
certified by a foreign notary or official, as the case may be, and follow the procedure
of apostille in the case of countries signatories of the "Hague Convention on the Elimination
of the Requirement of Legalization of Foreign Public Documents", in case otherwise
they must be legalized by the Head of the Diplomatic Mission, Consul, Vice-Consul or
Person in Charge of Consular Affairs of El Salvador, or in its defect, by officials of the
Ministry of Foreign Relations from where such documents originate.

The documentation that comes from a foreign country, written in a language other than
Spanish, to have validity in El Salvador, must be translated in accordance with what is
established in the Law on the Practice of Notarial Law of Voluntary Jurisdiction and Other
Proceedings.

## Regarding the deposit of contracts
**Art. 30.-** The entities that will operate as an Investment Bank, prior to offering and
subscribing with the public the products or services, must present to the
Superintendence the application to make the deposit of the contract models,
in accordance with the provisions and principles established in the applicable legal framework and
in accordance with the nature of their operations.

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CNBCR-07/025                                                                 NRP-88 Approval: 28/08/2025                                                         TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND Validity: 11/09/2025                                                          COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL SALVADOR

The entities for the presentation of the contracts must comply with the conditions established in the Consumer Protection Law and its Regulations, when they are contracts of adhesion.

## Sanctions  
**Art. 31.-** The non-compliance with the provisions contained in these Standards, will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

## Unforeseen Aspects  
**Art. 32.-** The aspects not provided for in the matter of regulation in these Standards, will be resolved by the Central Bank through its Standards Committee.

## Validity  
**Art. 33.-** These Standards will enter into force from the eleventh of September of two thousand twenty-five.

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CNBCR-07/025                                                                 NRP-88
Approval: 28/08/2025                                                         TECHNICAL STANDARDS FOR THE AUTHORIZATION OF THE ESTABLISHMENT AND
Validity: 11/09/2025                                                          COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL
                                                                             SALVADOR

Annex No. 1

APPLICATION FOR AUTHORIZATION TO ACQUIRE AND BE OWNER OF SHARES IN
EXCESS OF 1% OR 10% (NATURAL PERSONS)

To the Superintendence of the Financial System
Present.

I, _______________________, of __________ years of age, of profession or trade
_______________________, of nationality _______________ from the domicile of
_______________________, with Identity Document No.______________, and Tax Identification Number (which will be in accordance with what is established by the Tax Administration) No. ________________ request authorization to acquire and be owner of shares in
_______________________ in excess of 1% or 10% of its social capital. For the effect of the regulations established in Article 17 of the Investment Banks Law, I declare under oath the following personal information:

I. THAT I AM THE OWNER OF THE FOLLOWING INVESTMENTS IN COMPANIES THAT WILL BE
SHAREHOLDERS OF THE INVESTMENT BANK (OPERATING OR IN FORMATION)

---

CNBCR-07/2025                                                                 NRP-88
Approval: 08/28/2025                                                      TECHNICAL RULES FOR THE AUTHORIZATION OF INCORPORATION AND
Validity: 09/11/2025                                                       COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL
                                                                             SALVADOR

Annex No. 1

IV. THAT I AM AWARE OF THE CRIMINAL RESPONSIBILITIES REGARDING THE
FORGERY OF DOCUMENTS CONTAINED IN THE PENAL CODE.

Likewise, I declare that I am aware of the causes for which the Superintendence may
denial the acquisition of shares by more than 1% or 10%; that I am not in any of
them; and that I meet the requirements for the requested authorization.

And for the purposes of the prior authorization required by the Investment Banks Law, I sign the
present in _______________________, on the ___________ of the month of _______________ of two thousand
_________

Signature of the Applicant

```markdown  
CNBCR-07/2025                                                                 NRP-88 Approval: 08/28/2025                                                      TECHNICAL RULES FOR THE AUTHORIZATION OF INCORPORATION AND Validity: 09/11/2025                                                       COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL SALVADOR

CENTRAL RESERVE BANK                                      GOVERNMENT OF OF EL SALVADOR                                                OF EL SALVADOR

Annex No. 2

APPLICATION FOR AUTHORIZATION TO ACQUIRE AND BE OWNER OF SHARES IN EXCESS OF 1% OR 10% (LEGAL ENTITIES)

To the Financial System Superintendence  
Present.

I, _______________________, of _____ years of age, of profession or occupation ________________, of nationality, ___________, from the domicile of ______________, with Identity Document No. ______________, in the capacity of legal representative of the Company _______________________, of nationality _______________________, with Tax Identification Number (TIN) No. _______________________, registered under No. ________ Folio ________ Book ________, dated ______________, from the Commerce Registry of ______________, request that my represented entity be authorized to be the owner of ___________ shares of ______________ in excess of 1% or 10% of its social capital. I swear under oath the following information about my represented entity:

I. INVESTMENTS IN COMPANIES THAT WILL BE SHAREHOLDERS OF THE INVESTMENT BANK  
(OPERATING OR IN FORMATION) ARTICLE 17 OF THE INVESTMENT BANKS LAW.

| Company Name | TIN | Quantity of Shares | Nominal Value Each | Total Nominal Value | % Participation |  
|--------------|-----|--------------------|--------------------|---------------------|-----------------|  
|              |     |                    |                    |                     |                 |  
|              |     |                    |                    |                     |                 |  
|              |     |                    |                    |                     |                 |

II. THAT IT IS A DEBTOR IN THE FOLLOWING ENTITIES OF THE FINANCIAL SYSTEM

| Financial Entity | Amount | Maturity | Destination | Guarantee |  
|------------------|--------|----------|-------------|-----------|  
|                  |        |          |             |           |  
|                  |        |          |             |           |  
|                  |        |          |             |           |

III. LIST OF PARTNERS OR SHAREHOLDERS OF MY REPRESENTED ENTITY:

| Partner Name | TIN | Nationality | Qty. Shares in Co. | Nominal Value | Total Nominal Value | % Participation |  
|--------------|-----|-------------|--------------------|---------------|---------------------|-----------------|  
|              |     |             |                    |               |                     |                 |  
|              |     |             |                    |               |                     |                 |

```markdown
CNBCR-07/2025                                                                 NRP-88
Approval: 08/28/2025                                                      TECHNICAL RULES FOR THE AUTHORIZATION OF INCORPORATION AND
Validity: 09/11/2025                                                       COMMENCEMENT OF OPERATIONS OF INVESTMENT BANKS IN EL
                                                                             SALVADOR

CENTRAL RESERVE BANK                                      GOVERNMENT OF
OF EL SALVADOR                                                OF EL SALVADOR

Annex No. 2

IV. THAT I AM AWARE OF THE CRIMINAL RESPONSIBILITIES REGARDING THE FORGERY OF
DOCUMENTS CONTAINED IN THE PENAL CODE

Likewise, I declare that I am aware of the causes for which the Superintendence may deny the acquisition of shares by more than 1% or 10%; that my represented entity is not in any of them; and that it meets the requirements for the requested authorization.

And for the purposes of the prior authorization required by the Investment Banks Law, I sign this in San Salvador, on the ___________ days of the month of ___________ of two thousand _______

Signature of the Legal Representative
---