Regulatory Alerts2016-06-27 | NASF-04Added · Updated
Technical Standards for the Constitution of Electronic Money Provider Companies
The Central Bank of Reserve of El Salvador establishes the requirements and procedures for authorizing the constitution of Electronic Money Provider Companies, setting a minimum social capital of two hundred thousand US dollars with sixty percent payable in cash at inception. The Superintendency of the Financial System is mandated to review applications within thirty business days, publish shareholder and management lists for public objection, and issue final resolutions on authorization or denial. The norms define the legal nature, capital structure, documentation requirements, and operational timelines for these entities under the Financial Inclusion Law.