COSTA RICA Law and Practice Contributed by: Douglas Soto, Miguel Elizondo-Soto and Osvaldo Madrigal Méndez, Zurcher, Odio & Raven
its Regulation, rules the resolution of deposit insurance and banking entities. • The Law of Narcotics, Psychotropics, Non- authorised Drugs, Related Activities, Money Laundering and Financing of Terrorism, No 8204 (the “AML Act”) defines the activities that are subject to obligations regarding anti- money laundering, countering the financing of terrorism and financing the proliferation of weapons of mass destruction (AML/CFT/ FPWMD). • The Law for the Promotion of Competition and Effective Consumer Defence, No 7472 protects the rights and legitimate interests of the consumer; the protection and promotion of the process of competition and free com - petition, through the prevention, prohibition of monopolies, monopolistic practices and other restrictions on the efficient functioning of the market; and the elimination of unneces - sary regulations for economic activities. The Law Against Credit Usury, No 9859 includes a chapter to this consumer law that rules usury by setting up limits on the interest rates that can be charged by credit and financial opera - tions, imposing duties of publicity of informa - tion related to credits and a series of obliga - tions towards lenders. SUGEF Regulations The most relevant regulations issued by SUGEF are as follows: • SUGEF 4-04: Regulation about a Group Linked to an Entity; • SUGEF 5-04: Regulation on Credit Limits to Individuals and Economic Interest Groups; • SUGEF 1-05: Regulation for Debtor Risk Assessment (credit score); • SUGEF 3-06: Regulation on the Capital Adequacy of Financial Entities;
• SUGEF 10-07: Regulation on Disclosure of Information and Advertising of Financial Prod - ucts and Services; • SUGEF 2-10: Regulation of Comprehensive Risk Management; • CONASSIF 4-16: Regulation of Corporate Governance; • CONASSIF 5-17: Regulation of Information Technology Management; • CONASSIF 6-18: Regulation of Financial Information; • SUGEF 13-19: Regulation for the Prevention of Money Laundering; • SUGEF 9-20: Regulation for the Authorisation and Execution of Operations with Exchange Derivatives; • SUGEF 29-20: Regulation on the Responsi - bilities and Minimum Obligations of Foreign Banks’ Branches Domiciled in Costa Rica; and SUGEF 12-21: Regulation for Compli - ance with Law No 7786 (AML/CFT/FPWMD compliance); • SUGEF 40-21: Regulation of Resolution Mechanisms for Financial Intermediaries Supervised by SUGEF; • CONASSIF 15-22: Regulation on Suitability of the Members of the Management Body and Senior Management; • CONASSIF 16-22: Regulation of Consolidat - ed Supervision; • SUGEF 24-22: Regulation for Economic- Financial Assessment of the Supervised Entities; • SUGEF 23-23: Regulation to Implement Recovery Plans and Resolution Plans in Supervised Entities; • SUGEF 8-24: Regulation on Authorisations of Entities Supervised by SUGEF.
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