De Todo

GENERAL LAW FOR THE INSTITUTIONS OF THE FINANCIAL SYSTEM CODING 0 Official Gazette 250 of January 23 , 2001 Last Modification March 12, 2012 Condition: In force GENERAL NOTE Throught the text of the Law, after the sentences Superintendency of Banks and Superintendent of Banks insert others reading: and Insurance in the sphere of its competence respectively. Provided by Law No. 55 published in theSupplement of Official Register 465 of November 30, 2001.
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H. NATIONAL CONGRESS
COMMITTEE ON LEGISLATION AND CODING In exercise of the powers conferred by section 2 of Article 139 of the Constitution of the Republic RESOLVES: TO ISSUE THE CODING OF THE GENERAL LAW FOR INSTITUTIONS OF THE FINANCIAL SYSTEM Title I OF THE AREA OF LAW Art. 1.- This Law regulates the creation, organization,activities, operation and termination of private financial system institutions and the organization and functions of the Banking and Insurance Superintendency; in its area of competence, this entity is in charge of monitoring and controlling the financial system, keeping in mind mind the protection of public interest. Within the text of this Law, the Banking and Insurance Superintendency in regard ofits area of competence, will be called for short "the Superintendency". Public financial institutions, insurance and reinsurance companies are governed by their own laws regarding creation, activities, operation and organization. They will be subject to this Law in what relates to the application of standards of solvency, financial prudence and to the control and monitoring to be conducted by theSuperintendency within the legal framework governing these institutions in all that may be applicable depending on their legal status. The Superintendency shall apply the standards that this Law has on compulsory liquidation, when there are grounds that merit it. Mutual savings and credits associations for housing, savings and credit associations that perform financial intermediation with publicand financial services institutions, understanding as such the bonded warehouses, leasing companies, issuers of credit cards or administrators, money exchange, corporation of guarantee and counter guarantees assurance and development corporations for secondary mortgage market, which should have the exclusive purpose of carrying out such activities, shall be subject to the application of standardsof solvency and financial prudence and to the control by the Superintendency within the legal framework governing such institutions based on the standards issued for this purpose.

The ancillary services institutions of financial system, such as currency and securities transport, collection services, ATMs, accounting and computing services, export promotion and real estate companies that ownassets exclusively destined for the use of a holding company or financial institution; and others qualified by the Superintendency of Banks and Insurance, in its area of competence, without prejudice of the control that corresponds to the Superintendency of Companies, will be supervised by the Superintendency of Banks and Insurance in its area of jurisdiction, and the latter will dictate generalrules applicable to such institutions. The holding company and financial institutions that are members of a financial group will be controlled by the Superintendency of Banks and Insurance, in its area of competence. Only private financial institutions including foreign subsidiaries or affiliates will be part of a financial group, including foreign subsidiaries or affiliates, those of financialservices, of ancillary services of financial system regulated by this Law as well as brokerage houses and fund management companies. The holding company of a financial group and the financial institutions will be subject to the compliance of the Stock Market Law rules, with respect to registration and public offering of securities, but its control and supervision shall be exercised exclusively by the...