On August 20, the Banking Superintendent Ruth Arregui, spoke out about the Monetary and Financial Code Reform draft bill. They are analyzing the possibility of splitting the Monetary and Financial Regulation Policy Board (JPRMF for its acronym in Spanish) to create two independent institutions, one dedicated to monetary matters and the other with specific competences in financial, securities and insurance matters. The draft bill is expected to be introduced in Assembly as of September.

It is worth noting that the reform is still being drafted by the JPRMF. Against this backdrop, the Superintendence of Banks proposed to give the board autonomy in matters of financial system oversight. The objective is to create technical tools to provide surveillance, auditing, intervention and control to protect financial products and services users. The reform is supposed to be introduced at the end of the legislative recess.