Posted by: Aura Torrez | Associate at Alvarado y Asociados.
NATIONAL ASSEMBLY
LAW No. 1074 LAW OF THE NICARAGUAN LEGAL DIGEST ON INTERNAL ORDER MATTERS. Dated November 19, 2021. The purpose of the Nicaraguan Legal Digest on Internal Order Matters is to compile, organize, refine, consolidate and update the current legal framework on this matter. It contains the records of the regulations in force; the reference of the International Instruments approved and ratified by Nicaragua; the legal regulations not in force or Historical Law and registration of the consolidated legal regulations, related to Internal Order matter. Gazette No. 34, Pages 2035 to 2425, from 02/22/2022.
LAW No. 1090 LAW OF THE NICARAGUAN LEGAL DIGEST ON WELFARE AND SOCIAL SECURITY MATTERS. Dated January 12, 2022. The purpose of the Nicaraguan Legal Digest on Welfare and Social Security Matters is to establish with certainty the current legal framework on the matter, contributing to the strengthening and development of the State of Nicaragua. For which the process of compilation, ordering, purification and consolidation of the legal framework of this Matter was carried out, in accordance with Law No. 963, Law of the Nicaraguan Legal Digest. It contains the records of the legal regulations in force; registration of international instruments approved and ratified by Nicaragua; the legal regulations not in force or Historical Law and registration of the consolidated legal regulations, related to Welfare and Social Security matter. Gazette No. 34, Pages 2425 to 2477, from 02/22/2022.
LAW No. 1111 LAW OF AMENDMENTS AND ADDITIONS TO LAW No. 554, POWER STABILITY LAW. Dated February 16, 2022. The reform and additions to the Power Stability Law take place in the context that it is necessary to accelerate the transition of the transport sector towards zero-emission vehicles such as electric vehicles in the country and that, thanks to the transformation of the country’s electricity generation matrix, its batteries can be recharged with energy coming mainly from renewable sources; however, due to the current cost of this type of vehicle, it is necessary to have fiscal incentives to facilitate its deployment in the country. Gazette No. 35, Pages 2479 to 2481, from 02/22/2022.
DECREE A.N. No. 8789 DECREE APPROVAL OF THE “COOPERATION FRAMEWORK AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF NICARAGUA AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF CHINA” Dated February 16, 2022. The objective of this Framework Agreement is to strengthen friendly ties between the two peoples and governments, develop cooperation in the fields of politics, diplomacy, economy, trade, investment, education, science, technology, health, culture, media, tourism, youth and sports, in accordance with the laws and regulations in force in their respective countries. Gazette No. 35, Pages 2481 to 2483, from 02/22/2022.
GOVERMENT HOUSE
PRESIDENTIAL DECREE No. 04-2022 APPROVAL DECREE OF THE NATIONAL CLIMATE CHANGE POLICY. Dated February 18, 2022. The National Climate Change Policy is part of a national analysis and consultation process on the need to strengthen intersectoral approaches and mainstream actions to address the impacts of Climate Change. The update of this National Policy responds to the need to articulate climate management to the National Plan to Fight Poverty and for Human Development 2022-2026, an instrument that raises climate action to a level of strategic priority. Gazette No. 35, Pages 2483 to 2502, from 02/22/2022.
SUPERINTENDENCE OF BANKS AND OTHER FINANCIAL INSTITUTIONS
RESOLUTION No. CD-SIBOIF-1296-1-FEB15-2022 STANDARD ON UPDATING THE SHARE CAPITAL OF BANKING ENTITIES. Dated February 15, 2022. Through this Standard, the minimum share capital is updated to four hundred seventeen million one hundred seven thousand five hundred Córdobas (C$ 417,107,500.00) for national banks or branches of foreign banks. National banks or branches of foreign banks currently operating, which at the entry into force of this standard have a minimum subscribed and paid-in capital stock below the established one, must have it paid no later than seven calendar days after the next General Ordinary Shareholders’ Meeting. For national banks or branches of foreign banks that are authorized to incorporate and operate in the country after the entry into force of this Standard, compliance with the updated capital stock must be made at the time of their incorporation. Gazette No. 38, Pages 2594 and 2595, of 02/25/2022.
RESOLUTION No. CD-SIBOIF-1296-2-FEB15-2022 STANDARD ON UPDATING THE SHARE CAPITAL OF FINANCIAL COMPANIES. Dated February 15, 2022. Through this Standard, the minimum share capital is updated to sixty-eight million eight hundred twenty-three thousand Córdobas (C$ 68,823,000.00) for financial companies. The financial companies currently operating, which at the entry into force of this standard have a minimum capital stock, subscribed and paid, below the established one, must have it paid no later than seven calendar days after the next General Ordinary Shareholders’ Meeting. For financial companies that are authorized to be incorporated and operate in the country after the entry into force of this Standard, compliance with the updated capital stock must be made at the time of their incorporation. Gazette No. 38, Page 2595, of 02/25/2022.
RESOLUTION No. CD-SIBOIF-1296-3-FEB15-2022 STANDARD ON UPDATING THE SHARE CAPITAL OF THE STOCK EXCHANGE. Dated February 15, 2022. Through this Standard, the minimum share capital is updated to nineteen million eight hundred twenty-two thousand five hundred Córdobas (C$ 19,822,500.00) for the Stock Exchanges. The Stock Exchanges currently operating, which at the entry into force of this statndard have a minimum subscribed and paid-in capital stock below the established one must have it paid no later than seven calendar days after the next General Ordinary Shareholders’ Meeting. For the Stock Exchanges that are authorized to be incorporated and operate in the country after the entry into force of this Standard, compliance with the updated capital stock must be made at the time of their constitution. Gazette No. 38, Pages 2595 and 2596, of 02/25/2022.
RESOLUTION No. CD-SIBOIF-1296-4-FEB15-2022 STANDARD ON UPDATING THE SHARE CAPITAL OF SECURITIES CENTERS. Dated February 15, 2022. Through this Standard, the minimum share capital is updated to nine million nine hundred eleven thousand five hundred Córdobas (C$ 9,911,500.00) for the Securities Centers. The Securities Centers currently operating, which at the entry into force of this standard have a minimum subscribed and paid-in capital stock below the established one, must have it paid no later than seven calendar days after the next General Ordinary Shareholders’ Meeting. For the Securities Centers that are authorized to be incorporated and operate in the country after the entry into force of this Standard, compliance with the updated capital stock must be made at the time of their incorporation. Gazette No. 38, Pages 2596 and 2597, of 02/25/2022.
RESOLUTION No. CD-SIBOIF-1296-5-FEB15-2022 STANDARD ON THE INTEGRATION OF THE NICARAGUAN CAPITAL MARKET WITH OTHER FOREIGN MARKETS. Dated February 15, 2022. The purpose of this Standard is to regulate the mechanisms for trading securities through remote operators, within the framework of agreements or covenants signed between them, both between the Superintendencies or Regulatory Commissions of the securities markets, as between the stock exchanges of the different countries involved in the negotiation. Gazette No. 38, Pages 2597 and 2601, of 02/25/2022.