BANKING RULES

Date
Description
16 March 2020
Rule N.º 2-2020. Whereby additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk are established. This Rule will permit banks to modify corporate and consumer loans conditions of those clients whose payment capacity has been affected by the crisis triggered by COVID-19, in order to give them financial relief.
26 March 2020
Rule N.º 3-2020. Whereby Article 3 (7) of Rule 2-2020, by means of which additional, exceptional and temporary measures were established to comply with the provisions contained in Rule 4-2013 on credit risk, is amended.
7 May 2020
Rule N.º 4-2020. Whereby Article 5 of Rule 2-2019 is amended. This Rule stipulates that banks and trust companies will have an adjustment period until 31 December 2020 to comply with the provisions of Articles 1 and 2 of Rule 2-2019.
9 June 2020
Rule N.º 5-2020. Whereby Articles 39, 41 and 42 of Rule 4-2013 on credit risk management inherent in credit portfolio and off-balance sheet transactions are amended. This Rule adds the letters of guarantee issued by the Micro, Small and Medium Enterprise Authority (AMPYME) under the Micro and Small Business Financing Program (PROFIMYPE) as assets that will be considered valid collateral for the calculation of specific reserves provided by Rule 4-2013 on credit risk, in order to back up the loans granted by banks to micro and small companies applying for said program.
16 June 2020
Rule N.º 6-2020. Whereby Rule 1-2016 on the ACH settlement and fund availability is amended. This Rule adjusts the new cut-off, settlement and release of funds processes for daily transactions that will be implemented to the ACH service, as of 22 June 2020, which will benefit the bank client with different periods to have ACH funds available on the same day.
14 July 2020
Rule N.º 7-2020. By means of which Article 4 of Rule 2-2020 that established additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk, is amended. This Rule establishes that banks will have up to 31 December 2020 to evaluate the loans of those debtors affected by COVID-19 and to make the relevant modifications.
16 July 2020
Rule N.º 8-2020. Whereby Articles 8 and 13 of Rule 3-2008, on the claim management procedure at the Superintendency, is amended. This Rule makes regulatory adjustments to the current regulation, in order to streamline claim management system processes at the Superintendency.
11 September 2020
Rule N.º 9-2020. Whereby Rule 2-2020, by means of which additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk, is amended. Compiled Rule. This Rule establishes how modified loans will be processed and defines the creation of the relevant provisions, among other aspects. The provisions of the aforementioned Rule 9-2020 will become effective as of 21 September 2020.
21 October 2020
Rule N.º 13-2020. Whereby Rule 2-2020, by means of which additional, exceptional and temporary measures to comply with the provisions of Rule 4-2013 on credit risk, is amended and an additional period for financial relief measures is established. This Rule amends Rule 2-2020 in order to grant an additional term for financial relief measures to be provided to those debtors that as of 1 January 2021 are still affected [by COVID-19] and managed to prove such condition with the documentation the bank requests. The provisions of the aforementioned Rule 13-2020 will become effective as of 1 January 2021.