Legal Newsletter- September

Posted by: Aura Torrez- Associate at Alvarado y Asociados

NATIONAL CONGRESS

TEXT OF LAW No. 853, LAW FOR THE TRANSFORMATION AND DEVELOPMENT OF THE COFFEE GROWING, WITH ITS REFORMS INCORPORATED, of August 29, 2019.  The purpose of this law is the promotion, transformation and development of coffee growing in order to sustainably increase the production and income level of the coffee sector in harmony with the environment and corporate social responsibility, all within the framework of the policy public that on this matter the Agricultural Ministry dictates. Gazette No. 174, Pages 7813 to 7817, of 09/11/2019.

LAW No. 1002 LAW OF REFORMS AND ADDITION TO LAW No. 976, LAW OF THE FINANCIAL ANALYSIS UNIT, of September 6, 2019. With this Law, articles 8 numeral 1 and article 10 of Law No. 976, Law of Financial Analysis Unit, published in the Official Gazette No. 138 of July 20, 2018, are amended.  Reforming article 8, numeral 1, including Lawyers and Notaries Public, who must report through the Judiciary and adding numeral 8 to the same article, stipulates that in the case of Lawyers and Notaries Public, professional secrecy must be maintained only on the information obtained from their clients in the performance of their task of defending them or representing them in or with respect to judicial, administrative, arbitration or mediation processes. The amendment to article 10 establishes that the Judiciary must establish a specialized body that centralizes information on unusual operations or situations identified by the Obligated Subjects under its jurisdiction. Gazette No. 176, Page 7901, of 09/13/2019.

SUPERINTENDENCY OF BANKS AND OTHER FINANCIAL INSTITUTIONS

SIB-OIF-XXVII-594-2019 dated September 12, 2019. In this resolution the Superintendent of Banks decided to adjust the amount of the fines referred to in article 187 of the Capital Market Law, for natural persons in the case of very serious infractions, the fine will be up to C $ 187,000.00; in the case of serious infractions the fine will be up to C $ 93,000.00; In the case of less serious infractions, both natural and legal persons the fine will be up to C $ 47,000.00. Keeping the other provisions of article 187 of the aforementioned law, invariable. Gazette No. 182, Page 8195 and 8196 of 09/25/2019. 

NICARAGUA PUBLIC ACCOUNTANTS COLLEGE

REGULATION OF RESEARCH AND DISCIPLINE PROCEDURES OF THE NICARAGUA PUBLIC ACCOUNTANTS COLLEGE, approved on August 23, 2019.  This Regulation will be applicable directly and under the transparency regime, to the members of the Nicaragua Public Accountants College, in order to sanction the non-observance of the disciplinary responsibility that the members may incur in their professional, collegial or deontological duties, without prejudice of the civil or criminal liability required. Government Gazette No. 184, Page 8294 to 8309 of 09/27/2019.

 

 

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