Regulatory Alerts2014-01-30 | NRP-09Added · Updated
Technical Standards on Issuance, Deposit, Placement and Subscription of Treasury Shares
The Technical Standards on Issuance, Deposit, Placement and Subscription of Treasury Shares establish uniform procedures for Salvadoran banks and savings and credit societies to issue, deposit, and place treasury shares. The rules mandate that shares be represented by a single provisional certificate deposited with the Central Bank and require prior authorization from the Financial System Superintendence for issuance, placement, and specific uses such as capitalizing debt or amortizing losses. Subscription by shareholders must occur within fifteen days, with unsold shares subject to special auction, stock exchange placement, or direct management, while prohibiting individuals holding more than one percent of cancelled shares from holding treasury shares used to absorb losses.
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