Changes in Financial Supervision Approved

The Costa Rican Assembly approved reforms that expand the powers of Sugef to regulate and supervise financial entities abroad and financial companies that are part of a Costa Rican financial group or conglomerate.

Wednesday, October 16, 2019

On October 15, 41 deputies approved, in the Second Debate, file 21355, which seeks to strengthen the supervisory framework of the Superintendency of Financial Institutions through reforms to chapter IV of the Central Bank Law, the Assembly reported.

The statement specifies that "... This seeks to comply with the basic principles of Basel Supervision and the principles of consolidated supervision of the Joint Forum.

Regarding the operations of the entities audited, Conassif will issue the general rules necessary for the establishment of sound banking practices of corporate governance, including the suitability of members of the management body and key positions of the organization, as well as risk management and recording of transactions, among other aspects, all in the interest of the community.

This is one of the projects required for Costa Rica to join the OECD.

The new rule will now pass to the Executive Branch to be sanctioned.

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