Legal Update: Laws, Decrees, Agreements and Resolutions Published in the Official Gazette June and July 2022

Aug 30, 2022 | English Blog


Posted by: Aura Torrez | Associate at Alvarado y Asociados.

                                                                        MINISTRY OF FINANCE AND PUBLIC CREDIT

INTER-INSTITUTIONAL AGREEMENT MHCP-MITRAB-SIBOIF No. 01-2022 REGULATION FOR THE CONSTITUTION OF SAVINGS AND/OR PENSION FUNDS ESTABLISHED IN THE TAX AGREEMENT LAW AND ITS REGULATIONS. Dated May 23, 2022. The purpose of this Inter-institutional Agreement is to establish the regulations that will govern the Savings and/or Pension Funds Commission, as well as the mechanisms for the approval, modification and/or denial of savings and/or pension funds, under the terms of the article 19, numeral 6, of the LCT, in order to provide savings and/or pension funds with an adequate legal framework for their development. Gazette No. 115, Pages 6367 to 6370, from 06/23/2022.

                                                                          CENTRAL BANK OF NICARAGUA

RESOLUTION CD-BCN-XXXIX-1-22 AMENDMENTS TO RESOLUTION CD-BCN-LIX-1-19 “REGULATION OF PROVIDERS OF SALES AND/OR CURRENCY EXCHANGE SERVICES” AND TO RESOLUTION CD-BCN-LIX-2- 2019 “REGULATION OF REMITTANCES PAYMENT SERVICE PROVIDERS” Dated June 9, 2022. With this resolution articles 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18, 19 and 21 of Resolution CD-BCN-LIX-1-19 “Regulation of Providers of of Sales and/or Currency Exchange Services”, among said reforms it is established that the persons who provide services of sale and/or exchange of currencies may not assign, transfer or dispose of in any way, their authorization to operate, previously if they could do so with prior authorization from the Board of Directors of the BCN. Likewise, articles 4, 5, 6, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18, 19 and 21 of Resolution CD-BCN-LIX-2-19 “Regulation of Remittances Payment Service Providers”, reforms regarding obtaining the operating license, the requirements to obtain the license, obligations of the providers, infractions and fines, suspension or revocation of the license, among others. Gazette No. 116, Pages 6404 to 6423, from 06/24/2022.

                                             SUPERINTENDENCE OF BANKS AND OTHER FINANCIAL INSTITUTIONS

RESOLUTION No. CD-SIBOIF-1317-1-JUN14-2022 STANDARD ON PRE-PRINTED OR ELECTRONICLY PRINTED SIGNATURES IN DOCUMENTS CONTAINING OPERATIONS OR FINANCIAL SERVICES. Dated June 14, 2022. The purpose of this Rule is to authorize banks, finance companies, non-bank credit card issuers referred to in Law No. 515 “Law for the Promotion and Regulation of the Use of Credit Cards” and the regulations that regulate the matter for credit card operations and insurance companies, prior compliance with formal and internal control requirements, to use the pre-printed or electronically printed signature of the legal representative of the institution or of the person previously authorized for that purpose, in the documents referred to in this standard, in order to streamline customer service and the marketing of mass placement products. Gazette No. 121, Pages 6655 to 6657, from 07/01/2022.

                                                                                     NATIONAL ASSEMBLY

LAW No. 1097, LAW OF THE NICARAGUAN LEGAL DIGEST ON BUSINESS, INDUSTRY AND COMMERCE MATTER. Dated January 19, 2022. The Legal Digest on Business, Industry and Commerce matter, aims to collect, order, purge and consolidate the current legal framework of 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 Business, Industry and Commerce matter. Gazette No. 137, Pages 7376 to 7684, from 07/26/2022.