Legal Newsletter- August

Posted by: Aura Torrez- Associate at Alvarado y Asociados

Summary: LAWS, DECREES, AGREEMENTS AND RESOLUTIONS PUBLISHED IN THE OFFICIAL GAZETTE AUGUST 2019

 

SUPERINTENDENCY OF BANKS AND OTHER FINANCIAL INSTITUTIONS

RESOLUTION CD-SIBOIF-1123-1-JUL30-2019 dated July 30, 2019 STANDARD ON THE IMPOSITION OF SANCTIONS TO BANK, FINANCIAL AND INSURANCE INSTITUTIONS FOR BREACH OF DECREE NO. 15-2018, PUBLISHED IN LA GACETA NO. 190, OCTOBER 3, 2018. The purpose of this standard is to establish the infractions and their corresponding pecuniary sanctions applicable to banking, financial and insurance entities for the breach of the obligations established in Decree No. 15-2018 and regulatory provisions for the management of financing risks to the proliferation of weapons of mass destruction, within the ranges established in article 168 of the General Bank Law and article 170 of the General Insurance Law, determined according to the seriousness of the fault, according to the parameters and criteria to be indicated in this norm. Gazette No. 152, Pages 6895 to 6898, of 08/12/2019.

 

RESOLUTION CD-SIBOIF-1123-2-JUL30-2019 dated July 30, 2019 STANDARD ON IMPOSITION OF SANCTIONS TO THE SECURITIES MARKET ENTITIES FOR BREACH OF DECREE NO. 15-2018, PUBLISHED IN LA GACETA NO. 190, OCTOBER 3, 2018.  The purpose of this standard is to establish the infractions and their corresponding pecuniary sanctions applicable to the securities market entities for the breach of the obligations established in Decree No. 15-2018 and regulatory provisions for the management of financing risks to the proliferation of weapons of mass destruction, within the ranges established in article 187 of the Capital Market Law, determined according to the parameters according to their severity. Gazette No. 152, Pages 6899 to 6901, of 08/12/2019.

 

RESOLUTION CD-SIBOIF-1123-3-JUL30-2019 dated July 30, 2019 STANDARD ON THE IMPOSITION OF SANCTIONS TO THE GENERAL STORAGE WAREHOUSES FOR BREACH OF THE DECREE NO. 15-2018, PUBLISHED IN LA GACETA NO. 190, OCTOBER 3, 2018. The purpose of this standard is to establish the infractions and their corresponding pecuniary sanctions applicable for the breach of the obligations established in Decree No. 15-2018 and regulatory provisions for the management of financing risks to the proliferation of weapons of mass destruction, within of the ranges established in article 150 of Law No. 734, Law of General Storage Warehouses, determined according to the seriousness of the fault and criteria indicated in article 3 of this norm. Gazette No. 152, Pages 6901 to 6904, of 08/12/2019.

 

MINISTRY OF FINANCE AND PUBLIC CREDIT

MINISTERIAL AGREEMENT No. 009-2019 REGULATIONS FOR DIRECT PLACEMENT OF GOVERNMENT SECURITIES ISSUED AND PAID IN ANY TYPE OF CURRENCY, REPRESENTED BY PHYSICAL VALUES, of August 8, 2019. The purpose of this regulation is to regulate the collection of funds through the Direct Placement of Government Securities issued and paid in any currency, represented by physical securities. The Stock Market Positions, Financial Institutions, Investment Funds, Savings and Credit Cooperatives, Social Security Funds and national investors and foreign institutional investors will have direct access to the Direct Placement of physical values of the MHCP (Ministry of Finance and Public Credit). Gazette Nº 156, Pages 7045 to 7049, of 08/16/2019.

 

NATIONAL CONGRESS

LAW No. 1000 REFORM LAW AND ADDITION TO LAW No. 977, LAW AGAINST MONEY LAUNDERING, FINANCING TO TERRORISM AND FINANCING THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION, of August 8, 2019.  With this amendment to Law 977, the Authorized Public Accountants, members and lawyers and Public Notaries authorized and incorporated into the Supreme Court of Justice are included as obligated subjects and establishes the Judiciary as supervisor of the latter. It also provides that the National AML/CFT/CFP Commission, through the National Council against Organized Crime, will propose to the President of the Republic that it be designated as a Mandatory Subject to Financial Institutions and Non-Financial Activities and Professions other than those contemplated in the Law, as well as its corresponding supervisor. Gazette No. 157, Page 7085, dated 08/19/2019.

 

MINISTRY OF DEVELOPMENT, INDUSTRY AND COMMERCE

Resolution No. 406-2018 (COMIECO-LXXXV) APPROVAL OF THE CENTRAL AMERICAN TECHNICAL REGULATIONS RTCA 67.04.75: 17 DAIRY PRODUCTS. MATURE CHEESE. SPECIFICATIONS. Approved on December 7, 2018. This Technical Regulation establishes the specifications that mature cheeses must meet, intended for direct human consumption or further processing in the territory of the States Parties. Government Gazette No. 158, Pages 7125 to 7128, of 08/20/2019.

RESOLUTION No. 411-2019 (COMIECO-LXXXVI) APPROVAL OF THE CENTRAL AMERICAN TECHNICAL REGULATIONS RTCA 67.06.74: 16 ORGANIC AGRICULTURAL PRODUCTS. REQUIREMENTS FOR PRODUCTION, PROCESSING, MARKETING, CERTIFICATION AND LABELING. Approved on April 25, 2019.  This Central American Technical Regulation is a partial adoption of the Codex Alimentarius Standard GL 32-1999, Rev. 3-2007. Guidelines for the production, processing, labeling, marketing of organically produced foods. The provisions and procedures that regulate the production, registration, certification, processing, labeling, storage, transportation and marketing of organic agricultural products, applicable to the products they carry or are intended to carry descriptive labeling related to organic production methods are established. Gazette No. 158, Pages 7128 to 7167, of 08/20/2019.

 

NICARAGUAN INSTITUTE OF TOURISM

HOSPITALITY REGULATIONS, approved on July 11, 2019. The purpose of this Regulation is to regulate the operation of the Hosting Services Provider Companies, all those that have the ownership or the administration of facilities, which permanently provide a public accommodation service by means of payment, together or not with other tourist activities, aimed at domestic and foreign tourists and that are classified within the categories provided for in this Regulation. Gazette No. 159, Pages 7179 to 7185, of 08/21/2019.

 

REGULATION OF THE FOOD AND BEVERAGE SERVICE PROVIDING COMPANIES, approved on July 11, 2019. This Regulation is intended to regulate the operation of the Food and Beverage Services Companies, that is, those that have the ownership or administration of facilities that permanently provide a food and beverage service, aimed at domestic and foreign tourists, in restaurants, bars, cafes, tourist inns, that demonstrate their character and primary link with tourism and that are classified within the categories provided for in this Regulation. Gazette No. 159, Pages 7185 to 7189, of 08/21/2019.

 

REGULATION OF THE NICARAGUA TOURIST SERVICES PROVIDING COMPANIES, approved on July 11, 2019. The purpose of this Regulation is to regulate the Tourism Service Providers, corresponding to the Nicaraguan Institute of Tourism INTUR the ordering and monitoring of all kinds of tourist activities.  In this way they are subject to these Regulations, without prejudice to the provisions dictated within their competence by other Institutions or Organizations, Hotels, motels, apart hotels and other lodging establishments; restaurants, cafes, bars; travel agencies and operators; motor vehicle and watercraft rental companies dedicated to tourist transport; among other. Gazette No. 159, Pages 7189 to 7194, of 08/21/2019.

 

REGULATIONS ON THE REGIME OF PRICES, RESERVATIONS AND COMPLEMENTARY SERVICES IN LODGING ESTABLISHMENTS, approved on July 11, 2019. This Regulation arises since the activity of tourist accommodation establishments in the field of the sector requires the creation of regulatory regulations of a double nature, oriented on the one hand, to the organization of this important activity, and on the other, to the protection of users or consumers. It is necessary to establish a series of precepts that include essential aspects of the activity of the lodging establishments, such as the regime of prices and reservations, advertising and the requirements in the provision of certain complementary services. Gazette No. 159, Pages 7194 to 7197, of 08/21/2019.

 

REGULATIONS OF THE NICARAGUA TRAVEL OPERATORS, approved on July 11, 2019. The purpose of this Regulation is to order, regulate and control the operation of travel operator companies that are professionally engaged in such activity as a tourism industry services company. Being these companies that operate travel companies that are professionally and commercially dedicated exclusively to the exercise of mediation activities and/or organization of tourist services and packages, and that make use of their own or subcontracted means for their provision. Gazette No. 159, Pages 7197 to 7201, of 08/21/2019.

 

REGULATION OF THE TRAVEL AGENCIES OF NICARAGUA, approved on July 11, 2019. The purpose of this Regulation is to order, regulate and control the operation of Travel Agencies that are professionally engaged in such activity as service companies of the tourism industry. Understanding that travel agency is a natural or legal person specialized in the field of travel, exercising the role of intermediary between the client, travelers, and travel destinations, managing all or part of the different services or service providers. Gazette No. 159, Pages 7201 to 7204, of 08/21/2019.

 

GENERAL COMPTROLLER OF THE REPUBLIC

DGIDCA / DIDI / NOR. No. 11-2019 PROCEDURAL REGULATIONS FOR THE DETERMINATION OF RESPONSIBILITIES, of August 9, 2019. This Regulation aims to establish the general guidelines that regulate the determination of Administrative, Civil Responsibilities and Presumption of Criminal Responsibility, as a result of irregular results obtained from the government audit or administrative processes practiced to the operations and activities carried out by the public servants of the Public Sector Entities and Organizations and related third parties. Gazette No. 164, Pages 7388 to 7392, of 08/28/2019.

 

 

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