Regulatory Alerts2022-12-30 | NSP-71Added · Updated
Technical Standards for the Transfer, Merger, or Liquidation of Voluntary Pension Savings Funds
The Committee of Norms of the Central Reserve Bank of El Salvador issued these standards to regulate the transfer, merger, or liquidation of Voluntary Pension Savings Funds administered by authorized financial institutions. The rules mandate that resource transfers between individual accounts be completed within three business days and require specific documentation, including receipts and account statements, for both partial and total transfers. Additionally, the document establishes procedures for transferring entire funds in cases of authorization revocation, dissolution, or institutional decision, requiring Superintendence approval and adherence to strict timelines for notification and plan execution.
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