LEGAL UPDATE: LAWS, DECREES, AGREEMENTS AND RESOLUTIONS PUBLISHED IN THE OFFICIAL GAZETTE JUNE AND JULY 2020
RESOLUTION No. CD-SIBOIF-1182-1-JUN19-2020 STANDARD FOR THE GRANTING OF TEMPORARY CREDIT CONDITIONS dated June 19, 2020. This Standard is intended to establish temporary credit conditions that financial institutions may grant to debtors of credit cards, vehicle loans, personal loans, home mortgages, microcredits, SMEs, agriculture, livestock, industrial and commercial in all sectors of the economy, all this in order to mitigate the negative
The Regulation of Economic Concentrations in Nicaragua
In accordance with Article 24 of Law 601 Law for the Promotion of Competition, approved on September 28, 2006, published in the Official Gazette No. 206 of October 24, 2006, hereinafter referred to as “The Law”, a Concentration is any act by virtue of which economic agents merge, consolidate or combine their businesses in whole or in parts, or that implies the acquisition or control of part or all of an economic agent by another.
Specifically, the Law contemplates the following forms of concentration:
Legal Update COVID-19 - New Sanitary and Migratory Measures
Legal update: Sanitary Measures (July 13, 2020).
In order to strengthen epidemiological control, the Health Ministry of Nicaragua published Ministerial Resolution No. 346-2020, which establishes that the following sanitary measures will be taken:
Legal Update: Modification of credit conditions in order to face the negative effects of Covid-19 pandemic.
On June 19, the Banks and Other Financial Institutions Superintendency (SIBOIF in Spanish) issued the Resolution Number CD-SIBOIF-1181-1-JUN19-2020 “Standard for granting temporary credit conditions”; for the purpose of mitigating the negative effects of the Covid-19 pandemic and in order to allowing the resumption of activities that generate resource flows and the recovery of loans granted by financial institutions.
LEGAL UPDATE: LAWS, DECREES, AGREEMENTS AND RESOLUTIONS PUBLISHED IN THE OFFICIAL GAZETTE MAY 2020
PRESIDENTIAL DECREE No. 09-2020 DECREE FOR THE UPDATING OF THE NATIONAL RISK ASSESSMENT OF THE ML/FT/FP, THE STRATEGY AND NATIONAL PLAN AML/CFT/CFP dated May 6, 2020. This Decree updates the National Risk Assessment (ENR) of Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction, to identify the threats and vulnerabilities of the country in the face of these scourges, determine the probability and consequences of these, assess risk levels and disseminate its results to all sectors involved in prevention for its observance. Gazette No. 86, Pages 4210 to 4212, dated 05/14/2020.