New Law for Financial System in Guatemala

Details of the draft law with which the Bank of Guatemala aims to improve regulation and supervision of the financial system.

Saturday, September 17, 2016

From a statement issued by the Bank of Guatemala:

The bill submitted by the Monetary Board of the Executive Agency and by the President of the Republic to the Congress of the Republic on September 12 2016, introduces necessary reforms to Decree No. 19-2002, Law on Banks and Financial Groups, to modernize existing legislation and improve protection of depositors. The bill is based on the following aspects:   

- Updating legislation.  The behavior of financial, international and local markets has changed since the last reform of the country's financial laws, which necessitates the strengthening and modernization of the legal system in financial matters, as happened with the aforementioned reform in 2002, and giving rise to the current Law on Banks and Financial Groups. 

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