In previous months we wrote about the entry into force of the Regulation of Electronic Payment Service Providers (EPSPE). Now that the deadline has passed for companies in this area to adapt and register in the EPSPE registry, which for such purpose is kept by the Central Bank of Honduras, and based on our experience…
Green finance is a way to support sustainable development, encourage investment decisions and develop projects that seek to generate a positive impact from the financial trenches. Every year there is a growing emphasis on environmental awareness and the urgent need for sustainable development for all. Green finance – the integration of environmental, social and governance…
On December 14, 2022, the Central Bank of the Republic of Nicaragua (“CBN”) approved Resolution CD-BCN-LXXX-1-22 “Check Truncation Regulation” (hereinafter, the “Regulation”) with the in order to regulate and establish the requirements and procedures that must be met in the process of truncation of bank checks by the participants of the Nicaraguan Interbank System of…
On May 18, 2023 the Executive Branch submitted five bills to the Legislative Assembly related to fiscal and public finance matters. The aforementioned bills are: File 23759: Modification of the Tax Code regarding joint and several liability in tax matters. File 23760: New Income Tax Law. File 23761: New Vehicle Property Tax Law. File 23762:…
By: Annette Herrera The London Interbank Offered Rate (LIBOR) has long been one of the most important benchmark rates in the financial world, but its full discontinuation is around the corner. LIBOR has been discontinued in all its currencies and terms as of December 31, 2021, except for references in US dollars for one-day, three-,…
By: Daniela Matus Many debtors with loans originated in Nicaragua before the economic crisis of the national financial system in the year 2000-2001 and with old mortgages that had not been cancelled, did not know which institution they needed to go to cancel the mortgages on their properties or which procedure to follow or before…
By: José Ramón Paz Morales On January 10, 2023, the National Banking and Insurance Commission (CNBS) issued the new regulation of minimum requirements for the establishment of supervised institutions. With this new regulation, the CNBS continues with its policy of verifying that the different stakeholders, in this case, shareholders and investors of supervised institutions, comply…
By: Claudia Aguilar The National Banking and Insurance Commission (CNBS), within the scope of its attributions, approved Resolution SS No.2006/16-12-2010, containing the “Regulations for Reinsurance Operations and Registration of Foreign Reinsurance Companies and Reinsurance Brokers”. Its purpose is to establish the rules applicable to the supervision of reinsurance and fronting operations carried out by the…
By: María Lizeth Prado On November 15, 2022, was published in The Gazette Official Daily No. 214, Law No. 1137 “Special Law for the Change of Legal Regime of Non-Profit Organizations” which, according to its text, has the purpose of establishing the procedure for the change of regime from non-profit to mercantile of the entities whose…
On Tuesday, February 8, it was announced the approval of the SUGEVAL 21-23 agreement “Regulation on Centralized Registry Entities of Electronic Bills of Exchange and Promissory Notes”, which will be in force one (1) month after its publication in the official gazette La Gaceta. This Regulation complements the Law on Electronic Bills of Exchange and…
By: Marcela Zelaya The purpose of the Anti-Money Laundering Law is to prevent, detect, sanction and eradicate the crime of money laundering, as well as its concealment, expressly stating that financial entities must adopt policies, rules and mechanisms of conduct, as well as develop and implement programs, standards, procedures and internal controls to prevent activities…
By: Melissa Morán The promissory note is a credit instrument that entails an unconditional promise to pay a determined sum of money and must comply with certain general and specific requirements in order to be valid, pursuant to the Code of Commerce, Decree 2-70 of the Congress of the Republic and its amendments (the “Code…