Assembly commission gives green light to bill creating new regulatory body

Thursday, January 13, 2011

The finance commission of El Salvador's national assembly has given the green light to a financial regulatory bill that will create a new oversight body.

The bill would create a new body to supervise the securities, pensions and financial systems regulators and all the entities they regulate, including banks, insurers and government lending and pension agencies, according to a press release on the assembly's website.

The body would include a commission made up of representatives of the various cabinet ministries, as well as several representatives of professional associations.

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The passage by the commission means the bill can now be debated by the full assembly.