Superintendency of Banks authorizes electronic signature in portfolio sales

The Superintendency of Banks reformed the Control Standard for the sale of credit portfolios in order to allow assignment contracts to be signed via electronic signature and to reinforce due diligence against money laundering. The measure is contained in Resolution No. SB-2026-3243, signed on September 30, 2026, by the superintendent Roberto José Romero von Buchwald and published in Official Registry No. 387 on Monday, October 12, 2026, on page 44. The standard entered into force upon its signing, without prejudice to its official publication.

The reform modifies Chapter VII of the “Control Standard for the sale of credit portfolios,” belonging to Title VIII “On operations” of Book I on the “Control Standards for entities of the public and private financial sectors” of the Codification of the Standards of the Superintendency of Banks. That chapter had been created by Resolution No. SB-2026-2070, dated June 30, 2026, issued by the highest authority of the control body.

The process was based on Technical Report SB-INIESC-2026-0007, sent with Memorandum SB-INIESC-2026-0179-M on September 28, 2026, and Legal Report SB-INJ-DNN-0001-I on September 29, 2026, which issued a favorable opinion. The Regulatory Committee of the Superintendency of Banks unanimously approved the proposal through Minutes SB-CN-2026-09, dated September 30, 2026.

Electronic signature with the same validity as handwritten

The new text of Article 5 provides that the portfolio sale contract, framework contracts, annexes, addenda, and reforms may be signed in two ways:

• Handwritten signatures recognized before a notary public.
• Electronic signatures that comply with the requirements of the Law on Electronic Commerce, Electronic Signatures, and Data Messages, its General Regulation, and other applicable regulations.

When counterparties domiciled abroad are involved, electronic signatures and certificates issued outside the country must comply with the conditions of Ecuadorian legislation for their recognition and validity. In all cases, the financial entity must verify the identity and capacity of the signatories, the validity of the certificates, the integrity of the document, the authenticity of the signatures, and the existence of mechanisms for preservation, consultation, validation, and traceability during the legal and contractual terms.

Additionally, before executing the contract, technical reports will be required from the business, financial, legal, and risk areas, evaluating the portfolio subject to negotiation, the level of risk transferred, the price determination, and its impact on provisions. These reports must be known and approved by the Board of Directors prior to the sale.

Reinforced due diligence against money laundering

The reform replaces subsections e and k of Article 4 to require selection and evaluation guidelines for the counterparty—buyer or seller—with due diligence processes according to the risk profile. The evaluation must cover financial, operational, technological, legal, and reputational aspects, as well as compliance with regulations for the prevention of money laundering and the financing of other crimes.

The reformed Article 13 obliges entities subject to the control of the Superintendency of Banks to implement due diligence processes regarding counterparties participating in portfolio purchase and sale operations, using a risk-based approach consistent with the products, services, channels, and technologies involved. The definitions of “Buyer” and “Seller” in Article 3 are also updated.

Implementation deadlines and reporting of the R15 structure

The transitional provisions establish a staggered schedule for financial entities:

• Three months, counted from the issuance of the regulation, to adapt their structures to comply with General Provision Three.
• An additional period of six months, until March 31, 2027, to conclude technological developments, functional tests, and operational adjustments.
• Information reporting starting April 1, 2027, with data from portfolio sales carried out since October 1, 2026.

Accounting record of portfolio sold with recourse

The resolution incorporates a new Article 8 regarding the registration of contingent accounts in credit portfolio sales with recourse. When this type of sale exists, the risk exposure of the underlying portfolio shall be recorded as contingent in sub-account 640505 “Risk assumed by sold portfolio,” applying prudential criteria and establishing provisions in accordance with current regulations. Likewise, the last paragraph of Article 7 and subsection d of Article 12 are eliminated.

The General Secretariat must notify the resolution to the General, National Banking, National Auxiliary Services and Others, National Social Security, National Closed Complementary Pension Funds, National Risks, National Innovation, Studies and Citizen Services, and National Legal superintendencies, in addition to submitting it to the Official Registry for publication.

The change directly affects banks, cooperatives, and other controlled entities, as well as debtors whose credits are transferred: it streamlines the signing of assignment contracts by enabling the electronic channel, but tightens the filters on who buys the portfolio and extends the deadline until March 2027 for the financial system to adapt its information systems.

Source: Official Registry No. 387, Monday, October 12, 2026, Transparency and Social Control Function – Superintendency of Banks, p. 44 (official reference: Resolution No. SB-2026-3243).