Change in the Financial Superintendent

In Costa Rica, exactly at a time when financial operators are asking for greater flexibility, the mandate of the “hard hand of SUGEF” comes to an end.

Monday, February 23, 2009


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Upon finalizing his 5 year mandate as the head of the General Superintendent of Financial Companies of Costa Rica, the current Superintendent, Oscar Rodriguez Ulloa, whose management was characterized by productivity in regulations that modernized banking norms and also by an inflexibility in his dealings with supervised companies, will terminate his post on the 28th of February.

As the article reports in Elfinancierocr com, with the signature of Édgar Delgado Montoya, during the mandate of Oscar Rodriguez, the SUGEF "released 14 new regulations and approved 59 modifications. He, himself, says that his hands never trembled, ´It is not in my character.´"

More on this topic

New Costa Rican Financial Superintendent

March 2009

Francis Lay was appointed Superintendent General of Financial Institutions for the next 5 years.

The new chief, who was appointed by the National Council of Financial System Supervision (CONASSIF), will assume the post next April 1, replacing Oscar Rodríguez Ulloa, who left his post last February 28.

More Controls on Bank Transfers in Costa Rica

September 2013

Sugef has increased controls on transfers exceeding $10,000, as a measure of preventing money laundering and terrorist financing.

The Superintendent of Financial Institutions (Sugef) now has new regulations on money laundering which had been under consultation since September 10th with banks, mutuals, cooperatives, financial, insurance, stock positions and pension operators.

Further Reforms for Credit Flexibility

April 2009

CONASSIF (National Council for Financial System Supervision) of Costa Rica tempered several risk indicators that would allow banks to offer better repayment terms to their customers.

The Chamber of Banking and Financial Institutions of Costa Rica (CBF) had requested a long series of amendments tending toward more flexible criteria for banking supervision in February and the CONASSIF had already made some concessions with regard to risk indicators three weeks ago.

Stricter financial supervision for Costa Rica

November 2008

Approved modifications to the Central Bank Law will allow the Suget to review, request information, and if necessary, intervene in any of the companies than make up the financial groups.

Up to now, the General Superindendence of Financial Entities (Sugef) could only supervise local banks and the groups as a whole, but it was not allowed to review their subsidiary companies individually, including the offshore banks.

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