The Central Bank of Costa Rica reiterated to the public that it does not have the legal authority to regulate or supervise stock exchanges nor to the stock exchanges in the country.
According to the entity's explanation, its function is solely limited to overseeing stock exchanges, in accordance with Article 400 of the Commercial Code, without regulatory powers or the capacity to impose sanctions. This means that, although it can observe the market's operation, it cannot establish rules or punish non-compliance.
Additionally, the Central Bank clarified that stock exchange positions are not under its responsibility, as these are authorized and regulated directly by the exchanges themselves.
In light of this scenario, bill number 24,781 remains under discussion in the Legislative Assembly of Costa Rica, which seeks to close this legal loophole and establish a clear framework for regulation, supervision, and sanctions for this market.
The Central Bank emphasized the urgency of approving this legislation to strengthen the transparency and security of the financial system.
This is a news service prepared by ICS. For more information about the story, write to info@ics.cr or call 2519-9992 ICS, tax specialists.