Katherine Reyes Associate Nicaragua [email protected] On February 15 the Energy Stability Law was reformed, including a series of regulations that seek to promote the use of sustainable technologies that contribute to the reduction of greenhouse gases and combat Climate Change. The most relevant aspects of the legal reform are: Electric vehicles are exempt from compliance…
Tag Archives: Regulatory Compliance
Uri Weinstok Partner Costa Rica [email protected] What are compliance programs? Compliance programs (also called “compliance models”) are a set of policies, procedures, and actions that a company takes to identify and reduce the risks of breaking the Law, remedying potential violations, and generating a culture of compliance within the company. Types of compliance programs Since…
The communication summarizes the legislative updates that impact commercial companies established in Nicaragua. The updates include a series of new obligations before the Public Mercantile Registry (RPM) and before the recently created Registry of Final Beneficiary (RBF). The RPM requires that all companies registered in Nicaragua must carry out an Update of Basic Information, which is…
In a follow-up to the creation of the Final Beneficiary Registry (FBR) in August, on September 30, 2020, the National Registry Office issued an informative circular addressed to companies and the private sector. The circular indicates to all companies, and before the entry into force of the FBR, the necessity to update their basic information* in the…
On Friday, August 21, the National Assembly approved the Law of Reforms to the General Law of Registries and an article of the Commercial Code, creating the bases for a Registry of the Final Beneficiary of Commercial Companies. What is a Final Beneficiary? It is the natural person who owns or controls a legal person…
On Friday, August 21, the Nicaraguan National Assembly approved the creation of the Registry of Final Beneficiaries, through reforms to the Registries General Law on and the addition of one article to the Commercial Code. This Registry is intended to provide certainty of who are the true owners or controllers of legal persons operating in…
On June 6, 2019, the Congress approved the new Law for Criminal Liability of Legal Entities on Domestic Bribery, Transnational Bribery and other Crimes (“Law”), as part of the commitments acquired by the country to enter the OECD. According to the international standards, the Law imposes criminal liability on legal entities (national or foreign), and…
Corporate compliance is a set of procedures and best practices adopted by organizations to identify and classify the operational and legal risks they face and establish internal mechanisms for prevention, management, control and reaction to such risks. In an environment of increasing transparency, non-compliance with corporate governance rules and guidelines can have a direct and…
On October 7, 2019, the full and amended text of Law 976, Law of the Financial Analysis Unit, was published. The reform was carried out by law 1,002 that was published on September 13 and follows the same policy line as Law 977, Law Against Money Laundering, passed a month earlier. This new reform closes…
In today’s market, a company can implement several types of Compliance programs and the application and scope of each vary according to the needs and requirements of the business. In general, in Nicaragua, we are all obliged to comply with the law and all criminal, tax, civil, labor regulations, as well as the specific regulations…
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