New Rules for Risk Rating Companies

Costa Rica's new regulation for Certification of Securities and Risk Rating Companies has entered into effect.

Wednesday, September 16, 2009

In November 2nd, 2006, the Supervisor of the Financial System (CONASSIF), approved the "Regulation on Rating of Securities and Risk Rating Companies". On September 11th, it was published in the Official Gazette, officially entering into effect.

Risk rating companies will enjoy a grace period of six months from now on for adjusting their operations to the new rules.

More on this topic

Costa Rica: Investigation Into Changes to Investment Funds

October 2013

An investigation is being carried out on the impact that changing the requirements for the composition of funds could have on tax revenues.

From a press release by the Ombudsman of Costa Rica:

The Ombudsman is investigating a decision by the National Financial System Supervision Council (Conassif) to amend the requirements for the composition of an investment fund changing from having an obligation to have 50 people to having only two natural or legal representatives for its creation.

Costa Rica: More Flexibility in Management of Investment Funds

October 2013

The adjustments to the rules that will come into force will make the financial sector, which had become stagnant, more attractive.

Among the major changes is a minimum of two people making up the members of a mutual fund, rather than 50 as stated in the aforementioned regulations.

BBB A +, B-CC, D. .. ¿AAA?

September 2011

The most perverse thing about the credit risk rating system is that it has weakened (deliberately?) the indispensable analytical skills of investors.

The resignation of Standard & Poor's chief executive of following the agency’s downgrading of the U.S.’s credit rating, reveals the fragility of the whole risk rating system.

Costa Rica: New Credit Card Regulation Code

October 2009

A new regulation code overseeing credit cards, by the Economy Ministry (MEIC), will come into effect on November 3.

Automatic teller machines will be obliged to show on-screen any fees charged for cash withdrawals or statement queries.

From Elfinancierocr.com: "Issuers will also be required to issue detailed credit card statements, showing the main balance, current interest, interest applicable to the specific period, interest for delayed payments, and the monthly interest rate".

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