Proposal for regulations on centralized registers for electronic bills of exchange and promissory notes in Costa Rica

On July 18, 2022, the CONASSIF approved to submit for public consultation the draft regulation to the Law on Bills of Exchange and Electronic Promissory Notes Law No. 10.069, called Regulation on Administrative Entities of Centralized Registries of Bills of Exchange and Electronic Promissory Notes. The deadline for submitting comments is 15 business days from the business day following the date of publication in the official gazette La Gaceta, which is still pending.

The purpose of the project is to regulate the authorization and operation of the entities that provide the service of Centralized Registries, which in accordance with the aforementioned Law will be subject to the supervision of the SUGEVAL, as well as to establish the rules for the organization and operation of the identification and control systems of the securities represented by means of electronic annotations.

This project regulates the procedure for the authorization of the Centralized Registries, the documentary requirements to be presented for their authorization, as well as the requirements for the suitability of the partners and the ownership structure, the management body and senior management, the criteria for evaluating the business project. It allows member entities of the National System of Registry of Account Entries that are authorized as Central Securities Registries to request authorization to provide centralized registry services for electronic bills of exchange and promissory notes. The request for authorization must be filed before the SUGEVAL.

The proposal also refers to the application of operational reliability requirements, technological and functional requirements of the registries, as well as the treatment of narcotics, psychotropic substances, drugs of unauthorized use, related activities, money laundering and financing of terrorism, suitability requirements, corporate governance and risk management, for which it proposes some modifications to the pre-existing prudential regulations, in order to include within its scope the Centralized Registries, such as agreements CONASSIF 5-17 General Regulation on Information Technology Management, CONASSIF 15-22 Regulation on suitability and performance of members of the management body and senior management of supervised entities and companies, CONASSIF 4-16 Regulation on Corporate Governance, SUGEVAL 11-09 Regulation on Risk Management and Regulation to Agreement SUGEVAL 13-10 Regulation of Stock Exchanges.

Additionally, it regulates the procedures for the transmission of electronic bills of exchange or promissory notes between users, and between entities of Centralized Registries. The issuance and content of the electronic certifications issued by the Centralized Registries, which, in accordance with Law No. 10.069 will have the character of executive title.

See regulations in the following link.