El Salvador's Superintendence of the Financial System publishes authorization notice for proposed AFP Cuscatlán and opens objections window

El Salvador's Superintendence of the Financial System has received a request to authorize the incorporation of “Administradora de Fondos de Pensiones Cuscatlán de El Salvador, S.A.” (also referred to as “Administradora de Fondos de Pensiones Cuscatlán, S.A.” or “AFP Cuscatlán, S.A.”) and published the shareholder and initial director information required under Article 28 of the Comprehensive Pension System Law to allow third parties to raise objections based on statutory disqualifications. The notice reports that Inversiones Financieras Grupo Cuscatlán, S.A. would hold 99.99890% of the new company. It also discloses upstream ownership where applicable, including shareholders holding more than 3% of Inversiones Financieras Grupo Cuscatlán, S.A. and shareholders holding more than 5% of those entities, and publishes the proposed initial board members and their roles, including the chair (Roberto Antonio Serrano Lara), vice-chair (Leobardo Juan González y Adán) and secretary (Felipe Aragón Vassiliu), alongside additional directors and alternates. Objections must be submitted in writing to the Superintendence within 15 days after the publication, with supporting indications and evidence. The legal framework cited in the notice also contemplates that the Superintendence will decide within 30 business days after receiving all required information, and the information is described as confidential.