Costa Rica Coffee Guide

Changes Proposed for Financial Regulation Norms

January 6, 2006

THE country s financial leaders plan to implement various changes in 2006 to the regulations governing financial systems, with the goal of strengthening the system in order to deal with the changing needs of the market.

The Superintendence of Financial Entities (SUGEF), of Pension Funds (SUPEN) and of Securities (SUGEVAL) are working together on various projects they ve prioritized for this year, according to the daily La Nación.

Oscar Rodríguez, head of SUGEF, told the daily the projects focus on three key points. The first is the approval of a bill to consolidate supervision of financial groups, which would allow SUGEF to monitor businesses that are now outside of its jurisdiction.

The second is a change to the regulations regarding sanctions, to create ranges of fines based on the seriousness of the financial crime at hand.

The third reform would provide greater legal protection to financial crimes prosecutors.

SUPEN head Javier Cascante told La Nación the leaders are also planning reforms to regulations governing pension fund investments for organizations such as the Social Security System (Caja), and modifying the commissions for complementary  pension operators.

You may be interested

Costa Rica reopens to key tourism market as it welcomes Mexican visitors
Costa Rica
1123 views
Costa Rica
1123 views

Costa Rica reopens to key tourism market as it welcomes Mexican visitors

Alejandro Zúñiga - September 26, 2020

Costa Rica will open its doors to the arrival of tourists from Mexico, after considering a drop in reported Covid-19…

Costa Rica tourism: What states might be allowed next? [updated]
Costa Rica
2281 views
Costa Rica
2281 views

Costa Rica tourism: What states might be allowed next? [updated]

Alejandro Zúñiga - September 26, 2020

Since September 1, Costa Rica has welcomed tourists from a growing number of U.S. states. According to Gustavo Segura, Costa…

Costa Rica coronavirus updates for Friday, September 25
Costa Rica
5542 views
Costa Rica
5542 views

Costa Rica coronavirus updates for Friday, September 25

Alejandro Zúñiga - September 25, 2020

Costa Rica announced 17 new coronavirus-related deaths over the last day for a total of 812, according to official data…