What is SUGEF?
The General Superintendency of Financial Entities (abbreviated as SUGEF in Spanish) is an institution which plays a key role in maintaining the stability of Costa Rica’s financial system. Its aim is to establish itself as a supervising body recognized for its excellence, ethics and transparency in responding to the country’s demands in the area of economic competition.
By working to maintain the strength and stability of the financial system, the SUGEF seeks to contribute to the preservation of trust among Costa Rica’s citizens, employing its legally mandated authority of supervision and auditing.
What are it's functions?
The functions of the SUGEF include:
- Promoting the stability, solidity and efficient functioning of Costa Rica’s financial system.
- Auditing the operations and activities carried out by the various entities under its control.
- Providing the regulations and guidelines necessary for the establishment of proper banking practices.
- Establishing categories of financial intermediaries according to the type and degree of risk.
- Auditing the operations and activities carried out by entities authorized by Costa Rica’s Central Bank participating in the foreign exchange market.
- Providing any regulations deemed necessary for the promotion of stability, solvency and transparency among affiliated entities.
- Presenting reports of its supervising and auditing activities to the National Council of Financial Supervision.
- Carrying out any other related functions, according to pertinent laws, regulations and provisions.