Regulatory Alerts2014-01-09 | NDMC-01Added · Updated
Technical Standards for the Processing and Recording of Buy and Sell Securities Orders by Brokerage Houses
The Central Bank of Reserve of El Salvador establishes technical standards requiring brokerage houses to implement an authorized computerized system for the immediate, chronological recording of buy and sell securities orders. The regulations mandate specific minimum data fields for order forms, including client identification, instrument details, pricing, and commission, while defining strict procedures for order modification, cancellation, and authentication via electronic or voice means. Brokerages must ensure system security, maintain legal records audited by public accountants, and deliver execution confirmations to clients within three business days.
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