Autor: jholguin@bustamantefabara.com
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Resolution No. JPRF-S-2025-0152: Financial Board Issues the “Regulation Governing Insurance Technology Service Providers»
By Resolution No. JPRF-S-2025-0152 dated April 30, 2025, the Financial Policy and Regulation Board (the “Financial Board”) issued the “Regulation Governing Insurance Technology Service Providers” (the “Regulation”). This Regulation is based on the Organic Law for the Development, Regulation and Control of Technological Financial Services (Fintech Law). I. Purpose The Regulation aims to establish the…
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From Being You to Becoming You Squared, A Strategy to Everyday Life
How can we improve our performance? Whether we are preparing for an athletic competition, climbing a mountain, or even engaging in our professional activities, this question often lingers in our minds. As lawyers, we are constantly subjected to intense pressures and demanding tasks to process, analyze, and draft large volumes of documents. The fast-paced world…
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Amendments to the Regulation on Segments and Maximum Mandatory Investment Percentages in the Private Insurance System
On April 9, 2025, the Board of Financial Policy and Regulation, through Resolution No. JPRF-S-2025-0146, in Book III of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, under Title III, «On the Supervision, Control, and Information of the Private Insurance System,» replaced Chapter VII regarding the «Regulation on Segments and Maximum Mandatory Investment Percentages,»…
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Implementation of the Regulation on Mandatory Investments for Companies Financing Comprehensive Prepaid Health Care Services
On April 9, 2025, the Board of Financial Policy and Regulation, through Resolution No. JPRF-M-2025-0147, in Book III of the Codification of Monetary, Financial, Securities, and Insurance Resolutions, within Title VII on the “Technical Prudential Standards for Companies Financing Comprehensive Prepaid Health Care Services,” introduced Chapter III regarding the «Regulation on Mandatory Investments for Companies…
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Ministry of Labor Issues Ministerial Agreement MDT-2025-043 Amending the Regulation Governing the «Visto Bueno» Procedure
On March 17, 2025, Ministerial Agreement MDT-2025-043 was issued, amending Ministerial Agreement No. MDT-2024-041, which established the Regulation Governing the «Visto Bueno» Procedure, in the following terms: Amendments to the Regulation Governing the «Visto Bueno» Procedure: 1. On Appearance: Amended Article: The following bolded text was added to Article 4: «Art. 4 – On Appearance.…
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BUSTAMANTE FABARA Announces the Promotion of Two Senior Associates to Directors in Environment, Energy & Natural Resources
BUSTAMANTE FABARA is proud to announce the promotion of Gustavo Almeida and Bruno Pesantes to the position of Directors, effective from April 1, 2025. This strategic move reflects our continued commitment to excellence and further strengthens our leadership in the areas of Environment, Energy & Natural Resources. As we evolve to meet the complex and…
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Use of Biometric Systems for Employee Attendance Tracking.
RELEVANT ASPECTS The Superintendence of Personal Data Protection (“SPDP”) has issued a statement regarding the use of biometric systems for employee attendance tracking. The SPDP has assessed whether this type of processing of sensitive personal data complies with the principles and lawful bases established under the Ecuadorian Data Privacy Act (“LOPDP”). KEY FINDINGS OF THE…
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The new Regulation on the Production and Primary Processing of Non-Psychoactive Cannabis and Industrial Hemp is published in the Official Register.
Through the issuance of Ministerial Agreement No. 003, issued on January 10, 2025 and published in the Official Gazette No. 762 on March 14, 2025, the Ministry of Agriculture and Livestock issued the new Regulation on the Production and Primary Processing of Non-Psychoactive Cannabis and Industrial Hemp (hereinafter «Regulations»). Certain relevant aspects to consider are…
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EXTENSION OF THE USE OF LABELS ON PRODUCTS WITH A VAT RATE OF 12% UNTIL DECEMBER 31, 2024
On March 15, 2024, by means of Executive Decree No. 198, the President of the Republic decided to modify the general rate of Value Added Tax – VAT from 13% to 15%, for the year 2024, general rate that will be applicable as from April 1, 2024.
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MANDATORY TECHNICAL GUIDE FOR THE REGISTRATION OF REPRESENTATIVES OF FOREIGN CONTROLLERS, JOINT CONTROLLERS, AND PROCESSORS CARRYING OUT PERSONAL DATA PROCESSING ACTIVITIES IN THE REPUBLIC OF ECUADOR.
On September 6, 2024, the Superintendence of Personal Data Protection issued the Technical Guide, which establishes the requirements for foreign Regulated Subjects operating in Ecuador to Designate a representative in the country. This aims to ensure the protection of Ecuadorian residents’ data, facilitating the exercise of their rights and ensuring compliance with the personal data…