I.- FINANCIAL, INSURANCE AND SECURITIES MARKETS
1.- Reform of the Codification of Monetary, Financial, Securities and Insurance Resolutions.
Through Resolution No. JPRF-V-2022-033, issued by the Financial Regulation and Policy Board, some rules related to the rendering of external auditing services by external auditing companies registered in the Public Registry of the Securities Market were replaced. Below is the main part:
ARTICLE SINGLE.- Article 17 of Section IV «General Provisions» of Chapter I «General Provisions» of Chapter I «External Auditors» is replaced by Article 17 «General Provisions».
General», Chapter I «External Auditors», Title XIX «External Audit», Book II «Securities Market» of the Codification of Monetary, Financial, Securities and Insurance Resolutions, by the following:
«Art. 17.- Rendering of services to the same audited entity.- External auditing companies registered in the Public Registry of the Securities Market may render their services to the same audited entity for consecutive periods of up to three years, observing the criteria of alternability and referential prices established by the controlling agency for such purpose. The Superintendency may, at its sole discretion and in a reasoned manner, order the termination of the contract with the external auditor; in this case, the entity shall proceed to replace the auditor within a term not to exceed two months. The entity may not terminate the contract with the external auditor without the authorization of the control body.
The external auditor may only provide the audit services for which he/she was hired and may not provide any other service or collaboration to the audited entity through directly or indirectly related natural or legal persons. Likewise, the external auditor may not, within the year following the termination of his contract, provide any other service to the audited entity.
An external auditor may not be an external auditor who has rendered services, other than external audit services, to the entity in the immediately preceding year.»
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II.- ACADEMIC OR OPINION ARTICLES
1.- What to do when the insurance company does not respond to our notice of loss or offers us a negative answer?
(…) the insurance regulations in Ecuador have created an expeditious and direct administrative procedure so that the controversies that may arise from unattended or unjustifiably attended claims notices by the insurers may be known and resolved by the corresponding control entity. The procedure is regulated in the Regulation of Insurance Claims issued by the Superintendence of Companies, Securities and Insurance (…)
2.- The general principles of tax law according to the Constitution of Ecuador.
A weak tax system coupled with the lack of control and legal standards that clearly define the acts that violate the tax obligations of citizens are elements that can seriously undermine the State’s compliance with its social purposes. In recent years, with the aim of changing this reality, the Ecuadorian State has been developing a change in the sources of support for general budgets. It has mainly sought a dependence on permanent resources such as tax revenues.
III.- PRÓXIMOS EVENTOS DE LA FIRMA
La Cámara de Industrias de Durán, el próximo 14 y 15 de septiembre del 2022 estarán desarrollando el seminario “Reclamaciones de seguros de pólizas multirriesgo”, nuestros socios y consultores estarán dictando los temas en este evento formativo para los socios de este gremio y para el público en general.
DISCLAIMER: The text contained in this newsletter is for informational purposes only. Lince – Saltos & Asociados is not and shall not be liable for any loss or damage caused as a consequence of having acted or failed to act on the basis of the contents of any of the notes contained herein.
