COSTA RICA
Nicaragua
San José
Costa Rica
Panama
Law and Practice Contributed by: Douglas Soto, Miguel Elizondo-Soto and Osvaldo Madrigal Méndez Zurcher, Odio & Raven
Pacific Ocean
Contents 1. Legal Framework p.115 1.1 Key Laws and Regulations p.115 2. Authorisation p.117 2.1 Licences and Application Process p.117 3. Changes in Control p.118 3.1 Requirements for Acquiring or Increasing Control Over a Bank p.118 4. Governance p.119 4.1 Corporate Governance Requirements p.119 4.2 Registration and Oversight of Senior Management p.120 4.3 Remuneration Requirements p.121 5. AML/KYC p.122 5.1 AML and CFT Requirements p.122 6. Depositor Protection p.123 6.1 Deposit Guarantee Scheme (DGS) p.123 7. Prudential Regime p.124 7.1 Capital, Liquidity and Related Risk Control Requirements p.124 8. Insolvency, Recovery and Resolution p.125 8.1 Legal and Regulatory Framework p.125 9. ESG p.126 9.1 ESG Requirements p.126 10. DORA p.127
10.1 DORA Requirements p.127 11. Horizon Scanning p.128 11.1 Regulatory Developments p.128
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