Regulatory Alerts2018-12-20 | NCM-02Added · Updated
Technical Standards for Transparency and Disclosure of Information on Banking Financial Services
The Committee of Standards of the Central Reserve Bank of El Salvador issued NBCR-15/2018, effective January 7, 2019, imposing transparency obligations on banks, foreign bank branches, cooperative banks, savings and credit societies, and the Development Bank of El Salvador. The regulation mandates the public disclosure of nominal and effective interest rates, commissions, surcharges, and third-party charges, requiring entities to deposit adhesion contract models with the Superintendence of the Financial System prior to public offer. It establishes a thirty-day deadline for contract authorization and specifies precise calculation methods for interest, including the use of exact simple interest with six-decimal precision and rounding rules.