Technical Standards for the Submission of Information on Financial Education Programs or Initiatives

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

CONSIDERING: I. That by Legislative Decree No. 419, dated June 14, 2022, published in the Official Journal No. 136, Volume No. 436, of July 19 of the same year, the Law to Facilitate Financial Inclusion was reformed. II. That Article 20-D of the Law to Facilitate Financial Inclusion, added by Legislative Decree No. 419, establishes that subjects obligated by said Law must implement financial education programs or initiatives that develop knowledge among users of said products and services regarding their use, benefits, and risks, as well as their rights and obligations, in such a way that the good use of their clients' resources is promoted. Likewise, it establishes that they must remit to the Central Reserve Bank of El Salvador information pertinent to their financial education programs or initiatives implemented in the country on a semi-annual basis, in accordance with the regulations issued for such purposes. III. That Article 3 of Legislative Decree No. 419 establishes that the Central Reserve Bank of El Salvador, through its Committee of Standards, will have a period of up to sixty calendar days from the effective date of said Decree to elaborate the technical standards. IV. That Article 99 of the Law of Supervision and Regulation of the Financial System establishes that the Central Reserve Bank of El Salvador, by virtue of said Law, is the institution responsible for the approval of the technical regulatory framework that must be issued in accordance with this Law and other laws that regulate supervised entities. In compliance with this responsibility, the Central Reserve Bank of El Salvador must ensure that the regulatory framework applicable to the financial system is periodically reviewed, seeking its timely update.

THEREFORE,

by virtue of the regulatory powers conferred upon it by Article 99 of the Law of Supervision and Regulation of the Financial System, AGREES to issue the following:

TECHNICAL STANDARDS FOR THE SUBMISSION OF INFORMATION ON FINANCIAL EDUCATION PROGRAMS OR INITIATIVES

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CHAPTER I OBJECT, SUBJECTS, AND TERMS

Object Art. 1.- These Standards aim to establish the conditions and requirements that obligated subjects must observe for the submission of information regarding their financial education programs or initiatives implemented in the country.

Subjects Art. 2.- The subjects obligated to comply with the provisions established in these Standards are the following: a) Banks; b) Cooperative Banks; c) Savings and Credit Societies; and d) Electronic Money Provider Societies.

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) Financial Consumers: Persons using financial products and services; c) Financial Education: It is the process through which it is sought that financial consumers acquire knowledge and develop skills and aptitudes in the proper use of their personal and/or business finances, with the purpose of making adequate decisions and contributing to improving their social and financial well-being; d) Entity/entities: Obligated subjects referred to in Article 2 of these Standards; e) Law: Law to Facilitate Financial Inclusion; and f) Financial Education Programs or Initiatives: Set of planned actions that promote that financial consumers acquire or reinforce their knowledge, develop skills and aptitudes in the proper use of their personal finances, through training processes that allow them to make informed decisions to improve their financial well-being.

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CHAPTER II ON FINANCIAL EDUCATION PROGRAMS OR INITIATIVES

On financial education programs or initiatives Art. 4.- Entities must implement financial education programs or initiatives that develop the knowledge of financial consumers regarding the use, benefits, and risks of financial products and services, as well as their rights and obligations, in such a way that the good use of their clients' resources is promoted, as established in the Law.

Submission of information Art. 5.- Entities must submit to the Central Bank, electronically with the respective supporting material that evidences the implementation of the financial education program or initiative, information related to the structure of the financial education program or initiative implemented in the country, as well as the results of its execution. Such submission will be made semi-annually within the first twenty business days of the months of January and July of each year, in accordance with what is established in Annex No. 1 of these Standards. (1)

Responsible for sending information Art. 6.- Entities must appoint a delegate, who will be responsible for the submission of information as established in Article 5 of these Standards. (1) The Central Bank will notify entities of the means by which communication with the delegates selected by each entity will be carried out, informing additionally the technical details that the submission of information must meet and providing the necessary credentials for access to the means defined for the electronic submission of information. (1)

CHAPTER III OTHER PROVISIONS AND VALIDITY

Technical details of information submission Art. 7.- The Central Bank will send to entities, within a maximum period of sixty days after the effective date of these Standards, the technical details related to the submission of information required in Article 5 of these Standards. The information requirements will be limited to the collection of information as regulated in these Standards.

Additional information Art. 8.- The Central Bank may request additional information from entities that it considers necessary to be able to expand the details of the financial education programs or initiatives reported as specified in Annex No. 1 of these Standards.

Sanctions Art. 9.- Non-compliance with the provisions contained in these Standards

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will be sanctioned in accordance with what is established in the Law of Supervision and Regulation of the Financial System.

Transitory (1) Art. 9-A.- The information regarding geographic coverage by districts referred to in Annex No. 1 of these Standards must be submitted to the Central Bank starting from the submission corresponding to the month of July 2024. (1)

Unforeseen aspects Art. 10.- Aspects not foreseen in regulatory matters in these Standards will be resolved by the Central Bank through its Committee of Standards.

Validity Art. 11.- These Standards will enter into force on the tenth day of October of two thousand twenty-two.

MODIFICATIONS: (1) Modifications in articles 5 and 6 and in Annex No. 1 and incorporation of article 9-A approved by the Central Bank through its Committee of Standards, in Session No. CN-10/2023, of November 28, two thousand twenty-three, with validity starting from December 13, two thousand twenty-three.

Annex No. 1

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DETAIL OF INFORMATION TO REPORT TO THE CENTRAL BANK ON FINANCIAL EDUCATION PROGRAMS OR INITIATIVES

In the following form, the consolidated information of the Financial Education Programs or Initiatives implemented each semester of the year must be incorporated. Financial Education Program Year _______ Semester ________

I. Structure of the Financial Education Program or Initiative Name of the Financial Entity

Type of Financial Entity

Bank Cooperative Bank Savings and Credit Society Electronic Money Provider Society

Others (Entities that wish to voluntarily provide information on the financial education they perform under these Standards). Please specify: (1) ______________________________________________(1)

Name of the Financial Education Program or Initiative

Objective of the Financial Education Program or Initiative Execution period of the Financial Education Program or Initiative (Start and end date)

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Frequency of execution of actions established in the Financial Education Program or Initiative Monthly Quarterly Semi-annual Annual Other: Target segment

Women Clients in general Children (0- 12 years) (1) Adolescents (13-14 years) (1)

Entrepreneurial and business people of SMEs (1) Youth (15-35 years) (1) Entity employees Other(s) Geographic coverage

National Departmental Municipal District (1)

Contents of the Financial Education Program or Initiative (You may list all that are carried out)

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Trainers (Facilitators) of the Financial Education Program or Initiative Internal External Number of Trainers (Facilitators) of the Financial Education Program or Initiative Men Women Inter-institutional Alliances on Financial Education Topics

Yes No Public institutions Private companies Non-Governmental Organizations International Cooperation Organizations Others

Dissemination channels of the Financial Education Program or Initiative

Press Social media (Facebook, X, Instagram, TikTok, YouTube) Email Television Website Radio Fairs Other

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Monitoring and Evaluation of the execution of the Financial Education Program or Initiative Monthly monitoring Quarterly monitoring Semi-annual monitoring Annual monitoring Methodological evaluation of the Financial Education Program or Initiative

Survey Interview Other II. Area and responsible contact information for the Financial Education Program or Initiative Responsible Area: Contact Name: Contact Phone: Email:

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III. Results of the Financial Education Program or Initiative

Below, detail the total number of people benefited or participants in the Financial Education Program or Initiative by sex and age, as requested:

Children (0-12 years) (1) Adolescents (13-14 years) (1) Youth (15-35 years) (1) Adults (36-59 years) (1) Senior Adults (60 years and over) (1) Female (1) Male (1) Unidentifiable information (1)

Below, detail the number of people benefited or participants in the Financial Education Program or Initiative by Department: Ahuachapán Cuscatlán Sonsonate Cabañas Santa Ana San Vicente Chalatenango Usulután La Libertad San Miguel San Salvador Morazán La Paz La Unión Unidentifiable information (1)

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Below, detail the quantity of population benefited according to the financial education activities carried out for the following population groups: Clients in general Women Children (0- 12 years) (1) Adolescents (13-14 years) (1)

Entrepreneurial and business people of SMEs (1) Youth (15-35 years) (1) Internal entity employees Other(s) Implementation modality of the Financial Education Program or Initiative

In-person Virtual

Below, detail the number of people reached through different dissemination channels via publications of the Financial Education Program or Initiative:

Social Media: Website: Email: Others:

Press: (1) Fairs: (1) Television: (1) Radio: (1)

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Field descriptions Name of the Financial Entity Corresponds to the full name of the entity that will implement the Financial Education Program or Initiative. Type of Financial Entity Indicate if it is a Bank, Cooperative Bank, Savings and Credit Society, or Electronic Money Provider Society or another. (1) Name of the Financial Education Program or Initiative Corresponds to the name of the Program or Initiative executed by the financial entity. Objective of the Financial Education Program or Initiative The result intended to be achieved with the execution of the Financial Education Program or Initiative. Execution period of the Financial Education Program or Initiative (start and end date) Time period during which the Financial Education Program or Initiative will be executed. Frequency of execution of the Financial Education Program or Initiative Indicate the frequency with which the financial entity will execute the activities contemplated in the Financial Education Program or Initiative: monthly, quarterly, semi-annual, and annual. Target segment Population groups to whom the Financial Education Program or Initiative will be directed.

Below, attach the supporting material according to the corresponding category. If publications or dissemination activities were carried out through radio or television, they must present a brief summary in a PowerPoint Presentation or PDF Document: Images Video/s Word Document PDF Document PowerPoint Presentation Spreadsheet (Excel)

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Geographic coverage Specify if the implementation of the Financial Education Program or Initiative will be at the national, departmental, municipal, or district level. (1) Contents of the Financial Education Program or Initiative Indicate the different topics addressed in the Financial Education Program or Initiative. Trainers (Facilitators) of the Financial Education Program or Initiative Indicate if the trainers of the Financial Education Program or Initiative are internal, external to the entity, or both. (1) Number of Trainers (Facilitators) of the Financial Education Program or Initiative Number of people who will implement the Financial Education Program or Initiative, disaggregated by gender. Inter-institutional Alliances on Financial Education Topics Indicate if the financial entity has alliances with other national and international institutions (public, private, NGOs) for the implementation of the Financial Education Program or Initiative. Dissemination channels of the Financial Education Program or Initiative Indicate the channels that the financial entity will use to make the target audience aware of the activities contemplated within the Financial Education Program or Initiative, as well as to sensitize and disseminate general content on this topic. The dissemination channels may be: press, email, financial education website, social media, television, radio, fairs, etc. Monitoring and Evaluation of the Financial Education Program or Initiative Financial entities must annually evaluate the results obtained, with the purpose of knowing the extent of compliance with the objectives established for the Financial Education Program or Initiative. The periodicity (monthly, quarterly, or semi-annual) in which the results executed will be evaluated based on what was planned must be specified. Methodological evaluation of the Financial Education Program or Initiative Indicate the instrument that will be used to collect feedback from participants or beneficiaries of the Financial Education Program or Initiative, regarding the content taught, methodology, logistical aspects, and others, that allow identifying aspects for improvement. Information of the responsible area and contact of the Financial Education Program or Initiative Corresponds to the responsible area for implementing and following up on the Financial Education Program or Initiative within the financial entity, as well as the name and contact information of the person responsible within the area in charge of implementing and following up on the Financial Education Program or Initiative.

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Number of benefited or participants of the Financial Education Program or Initiative by sex and age Number of people benefited through the implementation of the Financial Education Program or Initiative, disaggregated by sex and age. Number of benefited or participants of the Financial Education Program or Initiative by Department Number of people benefited through the implementation of the Financial Education Program or Initiative, disaggregated by Department. Quantity of population benefited Detail the number of people benefited in the semester according to the target population groups defined in the entity's annual profile of the Financial Education Program or Initiative. It will be understood by Clients in general the persons using financial products and services of the entity. Regarding women, SMEs, and youth, it refers to financial education activities carried out in a targeted manner for these population groups. Implementation modality of the Financial Education Program or Initiative Indicate if the activities contemplated within the Financial Education Program or Initiative will be carried out in virtual, in-person, or both modalities. Number of people reached through dissemination channels via publications of the Financial Education Program or Initiative Detail the reach, in number of people, of the publications carried out through dissemination channels to make the target audience aware of the activities contemplated within the Financial Education Program or Initiative, as well as to sensitize and disseminate general content on this topic. Supporting material Corresponds to a sample of supporting material, such as visual resources (photographs and videos), PowerPoint presentations or PDF documents or others, that evidence the implementation of the Financial Education Program or Initiative.