Background and Requirements which Savings and Credit Cooperatives should Fulfill to fall under the Scope and Supervision of the Banks and Financial Institutions Regulator

According to the General Law of Cooperatives, all credits and savings cooperatives should present the following documents to the regulatory agency:

i) a legalized copy of the cooperative's constitution and amendments; 

ii) a copy of the cooperative's social statutes;

iii) a certificate from an auditor previously approved by the Bank and Financial Institutions Regulator; 

iv) the general balance sheet of cooperative transactions within the last two years. 

After this information has been verified and approved,  institutions must present the following complementary information: a draft of the cooperative's organizational structure, a description of the security levels of its information systems, and a valuation analysis of the entity's assets. The regulator should determine the adequacy of this information within ninety days of submission.