No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveChanges Proposed for Financial Regulation Norms

Changes Proposed for Financial Regulation Norms

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.

Trending Now

Costa Rica’s Top Court Bans President Chaves from 2026 Election Campaign

Costa Rica’s Supreme Electoral Tribunal on Thursday barred President Rodrigo Chaves from participating in the 2026 election campaign, ruling that he "illegitimately used" his...

Life After MS-13 in El Salvador as Residents Seek a Fragile Peace

Esperanza Martinez lost three relatives who were murdered and saw numerous bodies left in the streets of her neighborhood, a former stronghold of the...

Chiquita Brands Leaves Panama Amid Protests, Talks Underway to Resume

Laid-off workers from the U.S.-based banana company Chiquita Brands said on Monday that they are hoping for the company’s return to Panama, after it...

Why Costa Rica Feels Like a Safe Haven for This Longtime Expat

If someone asked me to sum up why I live in Costa Rica in 5 words or less, my answer could well be: “It...

Costa Rica and Panama Seek Gold Cup Glory Against North American Giants

With no Caribbean teams advancing, a Central American contingent made up of Panama, Costa Rica, Honduras, and Guatemala heads into the quarterfinals of the...

Celso Gamboa Allegedly Ran Drug Ring with Costa Rican Government Ties

Celso Gamboa, once Costa Rica’s Security Minister and a Supreme Court judge, now faces extradition to the U.S. for leading a major cocaine trafficking...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica