On September 13, the Superintendency of Companies, Securities and Insurances (SCVS), through Resolution SCVS-INC-DNCDN-2019-0009, published the instructions for the application of the International Financial Reporting Standards, otherwise known as “IFRS”. The objective of the regulation is to provide information about the financial statements and has already entered into force.

The IFRS will be applied to all companies under the control of the Superintendency and registered on the Public Securities Market Cadastre. This regulation has been mandatory in Ecuador since 2010. As of its publication in the Official Gazette, the Executive abrogated Resolution SC.ICI.CPAIFRS.G.11.010 of 2011.

On the other hand, the Central Bank of Ecuador (BCE), through Resolution No. ECB-GG-100-2019, adjusted the Internal Regulations of the Centralised Securities Clearing and Settlement Depot. This regulation establishes the procedures in the National Directorate (DVC-BCE) to provide settlement services and register transfers. The regulation has already entered into force.