New regulations on corporate governance for financial institutions enter into force in Costa Rica today. Regulation SUGEF 16-16, which was approved by the National Council for the Supervision of the Financial System (Conassif) last December, introduces higher standards and duties for boards of directors, board committees and high-ranking executive positions within banks and other financial intermediaries, securities firms, pension fund managers and insurance companies.
![](https://btalegal.com/wp-content/uploads/2023/05/plan-de-continuidad-del-negocio-de-la-sugef-superintendencia-.jpg)