Organic Monetary and Financial Code is in force

Since September 12 goes into effect the Organic Monetary and Financial Code, once it is published in the secondsupplement of the Official Record No. 332, announced on September 11th the Director of the official agency, Hugo del Pozo. 2000 copies were printed in the first phase.

The legislation, proposed by the Executive, repealing some 30 laws and a supreme decree; reorders the public entities responsible for regulating and control, and entities that make up the National Financial System;it establishes higher requirements to the financial institutions, insurance and securities systems; itimproves the capacities to confront the systemic crisis.

It also creates the Monetary Policy Board and Financial Regulation, which brings together the 4 entities that exist so far: the Banking Board, the Board of Market Regulation of Securities , the Regulation Board of the Popular Economy and Solidarity and the Central Bank board (BCE for its Spanish acronym).