Compliance plan regarding the implementation of the Data Protection law in controlled entities

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Through resolution SB-2021-2126 subscribed on December 2, 2021, and published on the Official Gazette 604 of December 23, 2021, the Superintendence of Banks (hereinafter the “Superintendence”) reformed the “Regulations on managing operating risk” (hereinafter the “Regulations”) applicable to “banks, financial service entities and ancillary service entities.”This reform updated the Regulations to consider the risks arising from the entry into force of the Data Protection Law on May 26, 2021.Article 23 of the Regulations establishes that controlled entities must “(…) generate plans and programs that allow them to comply with provisions of the Data Protection Law.”It is relevant to note that in the first transitory provision of the Regulations, the Superintendence states that “(…) it is the controlled entities responsibility to present to the Superintendence of Banks, until March 31, 2022, a compliance plan in relation to all obligations recognized on the Data Protection Law.”

Rafael Serrano, asociado de CorralRosales, con traje y corbata. En el fondo, una parte de Guayaquil (Ecuador)

Specialist in Data Protection
Rafael Serrano, associate at CorralRosales
+593 2 2544144

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NOTE: The above text has been prepared for informational purposes. CorralRosales is not liable for any loss or damage incurred as a result of acting or failing to act on the basis of the information contained in this document. Any additional determined situation requires the specific opinion and concept of the firm in Quito / Guayaquil, Ecuador.