The legislature approved by the Legislative Council on January 14, 2011, according to the newly promulgated "Financial System Supervision and Administration Law", takes the legal framework of financial system supervision as the sole supervisory body, and combines the three functions of supervising the financial system, pensions and securities. as one.
The purpose of SVS is to maintain the stability of the financial system, ensure its efficiency and transparency, and ensure that all conduct is in line with international best practice.
This new entity is responsible for overseeing the individual and combined activities of the institutions of the system: banks, cooperative banks, insurance companies, savings and loans, securities, pensions, financial groups, credit bureaus, commodity exchanges, ISSS professional institutional risk.
On the premise of complying with the laws and regulations of the financial system, technical standards and other legal provisions, actively supervise the risks of member institutions, promote the efficient, transparent and orderly operation of the financial system, and supervise the regulated institutions to conduct business in accordance with legislative provisions.
Powers of Oversight
This agency has the following powers:
1. To issue necessary resolutions within the power conferred by law;
2. Determine policies and standards for conducting monitoring;
3. To supervise individuals and collective members in accordance with other subjects specified in this law;
4. In accordance with the special provisions of the matter, authorize the public to publicize, establish, operate, conduct business, and change the social contract; authorize organizations or entities established under foreign laws, planning to operate as banks or insurance companies, to establish branches, and to set up offices for banks Office or act as a customer information center and authorize the closure of companies that invest in loans or conduct investment operations in the country without borrowing;
5. Understand the risk management, code of conduct and other requirements of members of the financial system in terms of internal policies;
6. Has the right to suspend business, revoke operations and close members of the financial system where legally applicable. In the latter case, act in coordination with other agencies in accordance with the law and impose appropriate sanctions in accordance with the law.
Financial Giants: http://www.ssf.gob.sv/index.php/conglomerados-financieros
Banking institutions: http://www.ssf.gob.sv/index.php/agencias/182-agencias-de-bancos
Cooperative banking institutions: http://www.ssf.gob.sv/index.php/agencias/191-agencias-bancos-cooperativos
Address: REPUBLIC OF EL SALVADOR, CA, Financial System Superintendent , 7A. Avenida Norte No. 240, PO BOX # 2942, El Salvador, CA.
Tel: (503) 2268-5700 and 2133-2900.;
Email: [email protected]