SANTO DOMINGO. – The Dominican Republic's Multiple Banking Association (ABA) congratulated the members of the new National Congress, installed on August 16, while expressing its willingness to continue contributing to the discussion of relevant legal initiatives currently under consideration in both the Chamber of Deputies and the Senate, which affect the national financial sector.
The ABA hopes that the new legislators will take up bills that will help regulate important issues such as financing instruments, data protection, garnishment, and cybersecurity.
The Banking Association expressed hope that the senators beginning their legislative term will take into account the study of the bill to regulate leasing, an instrument that allows companies to benefit from the use of goods without having to have a large amount of resources and with the possibility of acquiring them for their residual value, at the end of the term of the contract.
He indicated that this piece will serve to promote the development of micro, small and medium-sized enterprises (MSMEs), as will the draft law regulating factoring, discounting, and commercial assignment of credit rights contracts, which is also being processed in the Senate, with the aim of offering an adequate legal framework for the advance collection of credit sales made by businesses, seeking to improve their liquidity and payment capacity.
He explained that the bill creating Mutual Guarantee Societies, a risk-sharing model between the public and private sectors, was reintroduced in the Senate this year. This will make it easier for micro, small, and medium-sized enterprises (MSMEs) to obtain better financial terms from banks, in terms of interest rates and repayment periods. He specified that this bill was first introduced in 2015.
The banking sector also highlighted that another highly relevant bill, being handled by the senators, is the one that regulates garnishment in the Dominican Republic, with the aim of guaranteeing respect for the dignity and rights of users, and preventing distortions or misuse of the legal mechanism.
Meanwhile, the Dominican Republic's Cybersecurity Management Bill is being debated in the Chamber of Deputies. The ABA believes this bill is crucial for effectively addressing cybersecurity threats, keeping pace with technological advancements and the risks associated with interconnection.
He explained that the draft law against cybercrime is another important initiative within this same theme and is currently under study in the Lower House, with the aim of adapting the current legal framework to global realities regarding the classification and sanctions of new high-tech crimes.
"The banking sector remains in constant communication with the legislative chambers to contribute constructively and promptly to the debate on these projects, which are relevant to boosting the growth of productive sectors, guaranteeing user rights, and ensuring a secure cyber environment," the ABA stated in a press release.
