San José, Costa Rica, since 1956

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.

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