Financial legislation and regulation

  • Banks
  • Non-bank credit institutions
  • Savings and loans associations and cooperatives
  • Insurance and reinsurance
  • Securities
  • Private pension funds
  • Financial groups
  • Related financial services companies: factoring, bonded warehouses, leasing, credit bureaus
  • Payment systems
  • Deposit insurance
  • Financial safety net
  • Financial customer protection
  • Financial crimes
  • Money laundering

Our consultants have prepared draft laws for central banks, financial supervisors, securities’ authorities, as well as general financial laws. Our focus has always been to develop legal frameworks that set key rules to the main actors in financial markets (minimum capital, ceilings to riskier transactions and sanctions) to promote financial stability, while leaving such frameworks to the supervisor’s reasonable discretionary regulatory powers. ICC has performed consultancies on these issues in Bolivia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Paraguay, Peru, Tanzania, and Uganda.

ICC developed subsidiary regulations for the Securities Markets and Pension laws in El Salvador, including the creation of the corresponding supervisors. In Honduras, we drafted regulations on the securities market, as well as the accounting rules.

In the insurance area, we drafted the Insurance and Reinsurance Superintendence law of Panama. We also provided assistance to the Supervisor in Ecuador to strengthen the regulatory framework, using an input of 12-guided examinations on insurance companies. We also provided assistance in Ecuador’s negotiations of the Insurance Chapter of the Free Trade Agreement with the U.S.