Regulatory Alerts2022-06-10 | NRP-35Added · Updated
Technical Standards for the Modification of Social Pacts of Banks, Investment Banks, and Savings and Credit Societies
The Committee of Norms of the Central Bank of Reserve of El Salvador establishes the information requirements and procedures for banks, investment banks, and savings and credit societies to request authorization for modifying their social pacts. The document mandates specific documentation for capital increases, reductions, and mergers, including auditor certifications, sworn declarations, and detailed IT merger plans. It sets numeric thresholds for share acquisitions, such as requiring authorization for transfers exceeding one percent or ten percent of capital, and limits treasury share subscriptions to forty percent of primary capital. These standards became valid on June 29, 2022, following approval on June 10, 2022.
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