Important updates you should be aware of as we start 2020

Posted by: Aura Torrez- Associate at Alvarado y Asociados

SUPERINTENDENCY OF BANKS AND OTHER FINANCIAL INSTITUTIONS

 

RESOLUTION No. CD-SIBOIF 1138-1-NOV13-2019, STANDARD ON IMPOSITION OF SANCTIONS TO THE SECURITIES MARKET ENTITIES FOR NON-COMPLIANCE IN THE FIELD OF PREVENTION OF MONEY LAUNDERING, FINANCING TO TERRORISM AND FINANCING TO THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION, dated November 13, 2019. The purpose of this regulation is to establish the infringements and sanctions applicable to securities market entities for breach of the obligations established in Law 977, PLD/FT Standard, GPR-FT/FP Standard and other legal and regulatory provisions for the management of the risks of ML/FT/FP, within the classification and regime provided for in articles 185 and 187 of Law 587. Gazette No. 233, Pages 10728 to 10731, of 12/05/2019.

Resolution No. CD-SIBOIF-1140-1-NOV21-2019, REFORM STANDARD OF ARTICLES 1 AND 42 OF THE STANDARD FOR CREDIT CARD OPERATIONS, dated November 21, 2019. By means of this standard, article e) -bis Non-bank issuer was added in article 1 of Concepts, which is the legal entity constituted as a corporation that wishes to sign credit opening contracts in current account and issuance and use of credit card with its clients, whose constitution does not need to be authorized by the Superintendency of Banks and Other Financial Institutions and its liquidation process is governed by the Commercial Code, being subject to the supervision of the Superintendency. Article 42 of the aforementioned regulation, of the Register of Non-Banking Issuers of the Superintendency, is modified, modifying the registration requirements and adding the registration procedures and penalties. Gazette No. 241, Pages 11624 to 11626, dated 12/17/2019.

NATIONAL CONGRESS

 

DECREE A. N. No. 8623 DECREE OF APPROVAL OF THE “AIR TRANSPORT AGREEMENT BETWEEN THE KINGDOM OF SPAIN AND THE REPUBLIC OF NICARAGUA” signed in the city of Montreal, Canada, on September 26, 2019. The Kingdom of Spain and the Republic of Nicaragua agreed to this agreement to promote an international air transport system that offers fair and equitable opportunities to the respective companies for the exercise of their activity and that allows them to compete according to the rules and regulations of each contracting party, to guarantee the highest degree of security in international air transport and reaffirm its great concern in relation to acts or threats against the safety of aircraft that affect the safety of persons or property. With this legislative approval, it will be conferred the legal effects inside and outside the State of Nicaragua, once it has entered into force internationally. Gazette No. 235, Pages 10841 to 10850, dated 12/10/2019.

DECREE A. N. No. 8624 DECREE OF APPROVAL OF THE “AIR SERVICES AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF FINLAND AND THE GOVERNMENT OF THE REPUBLIC OF NICARAGUA” signed in the city of Montreal, Canada, on September 26, 2019. The Government of the Republic of Finland and the Government of the Republic of Nicaragua agreed to this agreement to promote mutual relations in the field of civil aviation, promote an international aviation system based on competition between the Airlines in the market with a minimal government interference and regulation, facilitate the expansion of international air services opportunities and encourage individual airlines to develop and implement innovative and competitive prices. With this legislative approval, it will be conferred the legal effects inside and outside the State of Nicaragua, once it has entered into force internationally. Gazette No. 235, Pages 10850 to 10859, dated 12/10/2019.

DECREE AN No. 8625 DECREE OF APPROVAL OF THE “AGREEMENT ON AIR SERVICES BETWEEN THE BOLIVARIAN REPUBLIC OF VENEZUELA AND THE REPUBLIC OF NICARAGUA” signed in the city of Maracay, State of Aragua of the Bolivarian Republic of Venezuela, on October 25, 2019. The Bolivarian Republic of Venezuela and the Republic of Nicaragua agreed this agreement to promote an international air transport system that offers fair and equitable opportunities to the respective companies for the exercise of their activity and that allows them to compete in accordance with the rules and regulations of each contracting party, to guarantee the maximum degree of security in international air transport and reaffirm its great concern in relation to acts or threats against the safety of aircraft that affect the safety of persons or property. With this legislative approval, it will be conferred the legal effects inside and outside the State of Nicaragua, once it has entered into force internationally. Gazette No. 235, Pages 10859 to 10867, dated 12/10/2019.

CIVIL CODE OF THE REPUBLIC OF NICARAGUA FOURTH OFFICIAL EDITION 2019

In the Civil Code due to the passage of time and the models used for its composition, concepts and institutions were maintained that have lost social relevance and were therefore irrelevant or had been legislatively modified by the entry into force of subsequent laws. Since the Political Constitution is the fundamental letter of the Republic and the other laws are subordinated to it, it was necessary to adapt the Civil Code of the Republic of Nicaragua to the supreme norm. In this fourth official edition 2019, each one of the derogations that, through other laws, since 1933 has suffered the Civil Code of the Republic of Nicaragua has been included in its text. Gazette No. 236, Pages 10876 to 11232, dated 12/11/2019.

LAW No. 1013 SOVEREIGN INSURANCE LAW AND GUARANTEE OF THE SUPPLY OF FUEL AND PRODUCTS DERIVED FROM OIL TO THE NICARAGUAN PEOPLE, of December 14, 2019. By mandate of this Law, all inventories of fuel and petroleum products owned by the Nicaraguan Petroleum Distributor, Public Limited Company (DNP) are declared of sovereign security and national interest. Said inventories become the total property of the State of the Republic of Nicaragua, which will be operated and administered by the institution or institutions and/or companies that the State through the Ministry of Energy and Mines (MEM) authorizes and/or delegates to such effect, which will guarantee the continuity of inventories, distribution and supply of fuels and petroleum products to the Nicaraguan population and economic agents. Government Gazette No. 239, Pages 11390, dated 12/14/2019.

LAW No. 1005 UPDATE LAW OF THE NICARAGUAN LEGAL DIGEST OF FOOD AND NUTRITIONAL SOVEREIGNTY AND SECURITY (SSAN), of November 13, 2019. The purpose of this law is to update the Nicaraguan Legal Digest approved on October 1, 2014 through Law No. 881, Law of the Nicaraguan Legal Digest of Food and Nutrition Sovereignty and Security (SSAN), published in the Official Gazette No. 43 of March 4, 2015, incorporating in the corresponding records, the new legal regulations approved and published in the Official Gazette from October 2, 2014 until the date of approval of this Law. Gazette No. 240, Pages 11478 to 11515, from 12/16/2019.

LAW No. 1003 LAW OF THE NICARAGUAN LEGAL DIGEST OF THE SUBJECT OF TELECOMMUNICATIONS AND POSTAL SERVICES, of October 2, 2019. This Digest aims to collect, order, debug and consolidate the current legal framework of this matter. It contains the Records of the current legal norms; the reference of the International Instruments approved and ratified by the State of Nicaragua; the legal norms without validity or historical law and the consolidated legal norms, linked to the subject of Telecommunications and Postal Services of the country. Gazette No. 242, Pages 11653 to 11873, dated 12/18/2019.

AW No. 1011 LAW OF REFORM TO LAW No. 272, LAW OF THE ELECTRICAL INDUSTRY AND ITS REFORMS, of December 17, 2019. Through this Law, article 32 of the Law of the Electrical Industry is amended, in which it adds that the economic agents dedicated to the Distribution activity may also sign contracts with the Distributed Generator. And a paragraph is added that exempts all types of taxes, fees and special contributions to the sale of the surplus of Electric Power delivered by the Distributed Generator in view of the fact that it is not an Economic Agent. Gazette No. 243, Page 11875, dated 12/19/2019.

LAW No. 1012 LAW OF REFORMS AND ADDITIONS TO LAW No. 286, SPECIAL LAW OF EXPLORATION AND EXPLOITATION OF HYDROCARBONS AND ITS REFORMS, of December 14, 2019. Through this Law, article 60 of the Special Law for the Exploration and Exploitation of Hydrocarbons is amended, which modifies that contractors may not re-export or dispose of imported goods and supplies exempt from taxes in application of this Law, without authorization from the Ministry of Energy and Mines, it was previously from the INE. Article 62 of the aforementioned Law, concerning the tax exemption for contractors, is reformed and article 62 bis regarding additional tax incentives and article 62 ter application of tax incentives are added. Gazette No. 243, Pages 11875 to 11877, dated 12/19/2019.

 

MINISTRY OF DEVELOPMENT, INDUSTRY AND COMMERCE

 

NTN 15 022-19 Building materials. Concrete. Test method to determine the compressive strength of cylindrical concrete specimens (ASTM C39/C39M: 2018, IDT). Dated August 14, 2019. This standard is applicable for the determination of the compressive strength of cylindrical concrete specimens, such as molded cylinders and perforated cores. It is limited to concrete that has a density greater than 800 kg/m³ [50 lb/ft³]. This standard is not intended to take into account everything related to safety. It is the responsibility of the user of this standard to establish appropriate health, safety and environmental practices and determine the applicability of regulatory limitations prior to use. Gazette No. 241, Pages 11575 and 11576, dated 12/17/2019.

NTN 17 008-19 Building materials. Concrete. Sampling of freshly mixed concrete (ASTM C172/C172M: 2017, IDT). Dated August 14, 2019. This standard is applicable to procedures for obtaining representative samples of fresh concrete delivered at the project site on which tests are to be carried out to determine compliance with the quality requirements of the specifications under which concrete is supplied. The standard includes sampling of stationary paving mixers and mixer trucks and agitator or non-agitator equipment used to transport mixed concrete in the central plant and continuous mixing equipment such as those described in ASTM C 685/C685M. Gazette No. 241, Pages 11577 and 11578, dated 12/17/2019.

NTN 15 023-19 Building materials. Concrete. Test methods to determine the air content of freshly mixed concrete using the pressure method (ASTM C231/C231M: 2017, IDT). Dated August 14, 2019. This standard is applicable for the determination of the air content of freshly mixed concrete from the observation of the change in volume of the concrete by a change in pressure. This test method is intended for use with concretes and mortars made with relatively dense aggregates for which the correction factor by aggregate can be satisfactorily determined by the technique described in Section 6. Gazette No. 241, Pages 11578 and 11579, of 17/12/2019.

NTN 17 009-19 Building materials. Concrete. Preparation and curing of specimens of concrete samples for a construction project (ASTM C31/C31M: 2019, IDT). Dated August 14, 2019. This standard determines the procedures for preparing and curing cylindrical specimens and beams to obtain representative samples of fresh concrete for a construction project. This standard is not intended to take into account everything related to safety. It is the responsibility of the user of this standard to establish appropriate health, safety and environmental practices and determine the applicability of regulatory limitations prior to use. Gazette No. 241, Pages 11579 and 11580, dated 12/17/2019.

NTN ISO/TR 14062 Environmental management - Integration of environmental aspects into product design and development (ISO/TR 14062: 2002, IDT). Dated August 14, 2019. This standard describes the current concepts and practices related to the integration of environmental aspects in the design and development of products, when it is understood that “products” encompasses both goods and services. This standard is applicable to the development of specific documents for each sector. It is not applicable as a specification for certification and registration purposes. Gazette No. 241, Pages 11580 and 11581, dated 12/17/2019.

NTN ISO 9004 Quality management - Quality of an organization - Guidance for sustained success (ISO 9004: 2018, IDT). Dated August 14, 2019. This document provides guidelines to improve an organization's ability to achieve sustained success. It provides a self-assessment tool to review the extent to which the organization has adopted the concepts in this document. It is applicable to any organization, regardless of its size, type and activity. Gazette No. 241, Pages 11581 and 11582, dated 12/17/2019.

NTN ISO 10003 Quality management - Customer satisfaction - Guidelines for conflict resolution external to organizations (ISO 10003: 2018, IDT). Dated August 14, 2019. This document provides guidelines to an organization to plan, design, develop, operate, maintain and improve an effective and efficient conflict resolution process that has not been resolved by the organization. It does not apply to the resolution of other types of conflicts, such as labor disputes. It does not apply to the treatment of complaints within an organization. Gazette No. 241, Pages 11582 and 11583, dated 12/17/2019.

NTN ISO 19011 Guidelines for the audit of management systems (ISO 19011: 2018, IDT). Dated August 14, 2019. This document provides guidance on the audit of management systems, including the principles of the audit, the management of an audit program and the performance of audits of management systems, as well as guidance on the evaluation of the competence of the people who participate in the audit process. It is applicable to all organizations that need to plan and perform internal or external audits of management systems, or manage an audit program. Gazette No. 241, Pages 11583 and 11584, dated 12/17/2019.

NTN ISO 10005 Quality management systems - Guidelines for quality plans (ISO 10005: 2018, IDT). Dated August 14, 2019. This document provides guidelines for establishing, reviewing, accepting and modifying quality plans. It is applicable to quality plans for any expected outcome, be it a process, product, service, project or contract, and any type or size of organization. Provides guidance and does not specify requirements. Gazette No. 241, Pages 11584 and 11585, dated 12/17/2019.

NTN 15 024-19 Building materials. Concrete. Test method to determine hydraulic concrete settlement (ASTM C143/C143M: 2015, IDT). Dated August 14, 2019. This standard includes the determination of hydraulic concrete settlement, both in the laboratory and in the field. This standard is not intended to take into account everything related to safety. It is the responsibility of the user of this standard to establish appropriate health, safety and environmental practices and determine the applicability of regulatory limitations prior to use. Gazette No. 241, Pages 11585 and 11586, dated 12/17/2019.

NTN ISO 14063 Environmental management - Environmental communication - Guidelines and examples (ISO 14063: 2006, IDT). Dated August 14, 2019. This standard provides guidance to an organization on general principles, policy, strategy and activities related to internal and external environmental communication. It is applicable to all organizations regardless of their size, type, location, structure, activities, products and services, and regardless of whether or not they have an environmental management system. Gazette No. 241, Pages 11586 and 11587, dated 12/17/2019.

 

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