Reforms Presented for Banking Law

Guatemala's banking Superintendence presented reforms to the Banking and Financial Groups Law.

Tuesday, July 28, 2009

Proposed changes to current legislation include the exemption on paying value added tax and notarial seals on sales or purchases of loan portfolios between banks and a $12.500 balance requirement for opening an Off Shore account.

From the web site of Guatemalan newspaper El Periódico: "Another modification reduces the percentage of loans to shareholders to a maximum 15% for a single person, and 30% for a group of shareholders. All the participants of the financial system will have to abide by this rules, and will have a 4 year term to adjust the percentages."

More on this topic

Guatemala: Regulation on Rating Agency Operations

April 2013

Rating agencies registration is now mandatory and banking institutions must be rated by one of them.

Rating agencies will have to submit their paperwork to the Superintendency of Banks (SIB). According to the chairman of the Monetary Board (JM) and the Bank of Guatemala (Banguat), Edgar Barquin, "among the amendments to the Law on Banks and Financial Groups is the addition that now banks must have a risk rating" .

Guatemalan Banking Law Moves Forward

February 2010

The economy committee of Congress approved a series of changes to the Banking and Financial Groups Law.

The new regulation would come into effect on January 2011. It “obliges banks to hire risk rating companies, limits loans to shareholders, imposes off shoring limits, gives more power to exclusion boards, increases contributions to the Saver Protection Fund (Fopa) and removes value-added tax when purchasing banking portfolios”, reported

Guatemala: Banking Law to be Reformed in November

October 2009

The commission studying the law project in Congress could approve it in November.

The initiative, presented by the Banking Superintendence, intends to reform thirteen articles while adding six to the Banks and Financial Groups Law, and modify one item from the Organic Law of the Central Bank of Gutemala (Banguat).

Guatemala prepares for Banking law reform

February 2009

The Superintendence of Banks (SIB) will present the reforms to the Law of Banks and Financial Groups to Congress in March. reports: "According to the head of SIB, Edgar Barquin, the new amendments, which are still being fine tuned, will provide more power to the entity supervising the financial system, to the Monetary Board, and other boards, to deal with resolutions for banks that have been taken over."

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