Banking

Expiration of the term to register representative offices of foreign financial institutions not authorized to operate in the country

The 90-day term granted by the Central Bank to register the representative offices of foreign financial institutions not authorized to operate in the country pursuant to the new requirements established by Communiqué “A” 4778, expired on May 8, 2008.


Pursuant to the new requirements, only individuals (and not legal entities) may request the authorization before the Superintendencia de Entidades Financieras y Cambiarias (Financial and Exchange Institutions Superintendence – “SEFyC”) to act as representatives of foreign financial institutions not authorized to operate in the country. 

Furthermore, the new regulation requires that the representatives register before the Public Registry of Commerce of the relevant jurisdiction as individuals in charge of the representative office of the foreign financial institution. Once the individual has been registered before the SEFyC, the representative has a 90-day period to file before the Central Bank proof of registration before the relevant Public Registry of Commerce.


For further information on this topic please contact Jorge I. Mayora