Through Circular SS. SG. No. 162 dated December 20, 2023, the Superintendency of Insurance ("SIS") communicated that the external actuarial audit report established in Resolution SS. SG. No. 305/2022 will apply from the fiscal year’s audit concluding in June 2025.
The SIS urges insurers and registered external audit firms to take precautions and anticipate the verification work for the specified period in contracts to be signed in the year 2024.
Through Circular SS. SG. No. 164 dated December 26, 2023, the Superintendency of Insurance communicated to the national insurance system that, starting from January 2, 2024, all transfers in favor of the Central Bank of Paraguay (“BCP”) made by insurers, agents, insurance brokers, external auditors, and other entities within the insurance sector, must be made to the following account:
Through Resolution SS. SG. No. 247 dated December 28, 2023 (the “Resolution”), the Superintendency of Insurance (“SIS”) decided to suspend the validity of one of the incompatibilities to be a shareholder or director of supervised entities and to hold positions in another supervised entity, as mentioned in Resolution SS. SG. 244 dated October 5, 2020.
Formerly, individuals or legal entities holding or having share ownership, either directly or indirectly, in other entities subject to SIS supervision and regulation to an extent that allows them to exert influence or control over one of them, were incompatible to perform the role of shareholder, director of supervised entities, or any other position in another supervised entity.
According to the recent Resolution, this incompatibility has been suspended until December 31, 2024, due to the need to conduct an impact and scope assessment of the regulations affecting the regulated market.
Through Circular SB. SG. No. 01 dated January 2, 2024, the Superintendency of Banks communicates that the legally required minimum integrated capital for various entities is structured as follows:
| Institution | Minimum Capital Excercise 2023 | Adjustment for Consumer Price Index (IPC) | Minimum Capital Excercise 2024 |
| Banks | 65.426 | 2.404 | 67.830 |
| Financial Institutions | 37.713 | 1.202 | 33.915 |
| General Deposit Wharehouses | 27.196 | 999 | 28.195 |
| Currency Exchange Offices | 5.093 | 187 | 5.280 |
| Fiduciary Companies | 31.713 | 1.202 | 33.915 |
| Leasing Companies | 3.497 | 128 | 3.265 |
Through Resolution No. 268 dated December 14, 2023, the Secretariat for the Prevention of Money Laundering or Assets ("SEPRELAD") authorized the implementation of SIRO to carry out communications regarding Compliance Officers and/or Compliance Managers by Obligated Subjects.
Through Resolution No. 08, Minute No. 73, dated December 26, 2023, the Board of the Central Bank of Paraguay (“BCP”) modified the deadline from which the entities authorized to operate as Credit Information Bureaus (“BIC”) can provide credit reference services.
In this regard, an extension is established until May 1, 2024, allowing the authorized entities to initiate their credit information service activities.
This circumstance is ascribed to the ongoing review of all the required documentation for the entities, as mandated by Resolution No. 03, Minute No. 08, dated February 21, 2023, which has not yet concluded.
Through Resolution No. 4 dated December 6, 2023, the Central Bank of Paraguay ("BCP") established the extension of temporary measures to support the productive sector until March 31, 2024.
These measures aim to mitigate the adverse effects of climate change, particularly for agricultural producers who suffered losses due to the reduction in the prices of their products in previous periods.
In this regard, the BCP has directed that, in the case of loans granted to sectors related to agricultural and livestock activities that were affected by the reasons determined in the previous paragraph, the counting of the overdue period in the formalization of renewals, refinancings, or capital restructurings, including accrued interest and other charges, will be allowed to be interrupted until the date of the new agreement or contract. For higher risks, it will be essential to conduct a prior analysis individually or by economic sectors or similar activities, or by a group of clients with a similar risk profile.
Through Resolution No. 01, Minutes No. 01 dated January 3, 2024, the Central Bank of Paraguay ("BCP") ordered the intervention by the Superintendency of Banks ("SIB") of the Retirement and Pension Fund for Employees of Banks and Related Institutions ("CJPEBA"), due to the disintegration of the Board of Directors. The SIB will intervene until the new authorities of the Board assume their roles, a period that cannot be extended for more than 90 days.
The administration of CJPEBA will be assumed by the interveners designated by SIS before CJPEBA, with the authority to carry out the following acts of administration and conservation: (i) Collect mandatory contributions and dues; (ii) Pay retirements, pensions and other retirement benefits; (iii) Collect principal and interest installment payments, fees, and others, from loans granted by CJPEBA; (iv) Grant pensions, retirements, and other retirement benefits; (v) Physically preserve the assets and documents of the entity, taking appropriate security and conservation measures; (vi) Provide information to SIS and the Board of the BCP, upon their request or on its own initiative, to alert authorities about situations that require immediate action; and (vii) Perform other acts that may be necessary to enable the functioning and continuity of the administration and conservation of the intervened entity, which may be authorized by SIS.
Through Resolution SV. SG. No. 030 dated December 26, 2023, the Superintendency of Securities ("SIV") approved the Unique Chart of Accounts ("PUC") and the Manual of Accounting Records for mandatory use by brokerage firms and investment fund management companies. These are detailed in Annexes I and II, respectively.
The PUC will become effective on January 1, 2024. Consequently, the financial statements for the first quarter of the year 2024 are required to incorporate the detailed records of operations in accordance with the PUC.
Additionally, it is clarified that the mere listing of operations in the PUC does not authorize its validity. Therefore, in case of new transactions, brokerage firms and investment fund management companies must obtain prior approval from the SIV.
The Sectors specified in the PUC are: (i) Assets; (ii) Liabilities; (iii) Net Equity; (iv) Contingency; (v) Off-Balance Sheet Accounts; (vi) Income; and (vii) Expenses.
In Annex II of the Resolution, the Manual of Accounting Records defines each Sector and Chapter that constitutes the PUC.
In accordance with Resolution No. 202 dated November 21, 2023, the Secretariat for the Prevention of Money Laundering or Assets ("SEPRELAD") authorized the implementation of the Integrated Operations Reporting System ("SIRO") for the submission of compliance reports by the Obligated Subjects. The resolution will come into effect on January 1, 2024.
The annual reports on the evaluation of Internal Control procedures will be submitted through SIRO according to the following timetable:
| Obligated Subject | Applicable regulations | Date | Entity |
| Real Estate | Art. 13 – Res. 201/20 | Within 90 days following the close of the fiscal year | SEPRELAD |
| Automobiles | Art. 13 – Res. 196/20 | Within 90 days following the close of the fiscal year | SEPRELAD |
| Jewelry | Art. 13 – Res. 222/20 | Within 90 days following the close of the fiscal year | SEPRELAD |
| Gambling | Art. 13 – Res. 258/20 | Within 90 days following the close of the fiscal year | SEPRELAD/CONAIZAR |
| Remittance Agency | Art. 13 – Res. 176/20 | Within 90 days following the close of the fiscal year | SEPRELAD |
| Cooperatives | Art. 13 – Res. 156/20 | Within 90 days following the close of the fiscal year | SEPRELAD/INCOOP |
| E-wallet | Art. 13 – Res. 77/20 | Within 90 days following the close of the fiscal year | SEPRELAD/SIB |
| Insurance | Art. 13 – Res. 71/20 | Within 90 days following the close of the fiscal year | SIS |
| Currency Exchange | Art. 13 – Res. 248/20 | Within 90 days following the close of the fiscal year | SEPRELAD/SIB |
| Securities | Art. 13 – Res. 172/20 | Within 90 days following the close of the fiscal year | SEPRELAD/SIV |
| Virtual Assets | Art. 13 – Res. 314/20 | Within 90 days following the close of the fiscal year | SEPRELAD |
The annual external audit reports will be submitted through SIRO according to the following timetable:
| Obligated Subject | Applicable regulations | Date | Entity |
| Real Estate | Art. 14 – Res. 201/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD |
| Automobiles | Art. 14 – Res. 196/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD |
| Jewelry | Art. 14 – Res. 222/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD |
| Gambling | Art. 20 – Res. 258/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD/CONAIZAR |
| Remittance Agency | Art. 23 – Res. 176/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD |
| Securities | Art. 23 – Res. 172/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD/INCOOP |
| Cooperatives | Art. 22 – Res. 156/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD/SIB |
| E-wallet | Art. 20 – Res. 77/20 | Within 180 days following the close of theaudited fiscal year | SIS |
| Currency Exchange | Art. 23 – Res. 248/20 | Within 180 days following the close of theaudited fiscal year | SEPRELAD/SIB |
| Virtual Assets | Art. 15 – Res. 314/21 | Within 180 days following the close of theaudited fiscal year | SEPRELAD/SIV |
| Non-profit Organization (Level 3) | Art. 34 – Res. 490/22 | Until June 30 of the following year for each audited fiscal year | SEPRELAD |
Finally, the compliance officer's reports will be presented through SIRO according to the following timetable:
| Obligated Subject | Applicable regulations | Date | Entity |
| Gambling | Art. 16 – Res. 258/20 | Within 60 days following the close of the fiscal year | SEPRELAD/CONAIZAR |
| Remittance Agency | Art. 18 – Res. 176/20 | Within 60 days following the close of the fiscal year | SEPRELAD |
| Securities | Art. 18 – Res. 172/20 | Within 60 days following the close of the fiscal year | SEPRELAD/SIV |
| Cooperatives | Art. 17 – Res. 156/20 | Within 60 days following the close of the fiscal year | SEPRELAD/INCOOP |
| E-wallet | Art. 15 – Res. 77/20 | Within 60 days following the close of the fiscal year | SEPRELAD/SIB |
| Insurance | Art. 56 – Res. 71/19 | Within 60 days following the close of the fiscal year | SEPRELAD/SIS |