Panama: New Regulations for Credit Companies

The Commerce and Industries Ministry is preparing the regulation, which could be ready in two months.

Friday, September 18, 2009

Setting maximum limit for interests, in addition to regulationg closure expenses, are the key issues of these new rules.

"Minister Henríquez expects to consult with affected parties and have the rules approved within the next 60 days. As it is not a law, it doesn't need approval from the National Assembly", reported Laestrella.com.pa.

More on this topic

Nicaragua: Fundeser Becomes Financing Company

December 2012

Micro financing company Fundeser, also known as the Foundation for Socio Economic Rural Development will in February its formal application to become a regulated financial company.

Since 2008 there has been interest from the Foundation to be regulated by the Superintendency of Banks and Other Financial Institutions (Siboif), but the proceedings were suspended because of the financial crisis.

Changes in U.S. Export Requirements

February 2012

From March new requirements imposed by the Food and Drug Administration will be implemented progressively on food imported by the United States.

The U.S. Food and Drug Administration (FDA) will begin to implement requirements for a new Food Safety Law relating to products exported to the country from March.

Costa Rica: New Regulations for Credit Cards

April 2010

New rules forbid issuers from “stalking” cardholders in order to collect pending payments.

The banking industry stated that limiting their ability to call debtors will result in higher delinquency, and that they will object the measure at the constitutional court (Sala IV).

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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