Assembly First Debate Puts Mora Interest And Securities-Market Reform In Same Bill

Ecuador’s Assembly held first debate on a reform to the Código Orgánico Monetario y Financiero covering financial-user protection, forced liquidation or intervention, and securities-market changes.

The debate took place on Thursday, July 2, 2026, during session 105.

Legislative Structure

The bill is being processed by the Comisión de Régimen Económico y Tributario. It unifies four previous legislative initiatives and adds new elements.

Nathaly Farinango of ADN, president of the commission and rapporteur for the bill, said the proposal seeks to strengthen confidence in the national financial system for entrepreneurs, savers, investors, and other actors.

Farinango argued that the reform strengthens transparency, legal certainty, operational efficiency, and user protection. The proposal sets parameters to prohibit anatocism and excludes mora-interest calculations on insurance, commissions, or administrative expenses.

Market-Reform Split

The debate had 19 interventions from lawmakers across different caucuses.

The anti-anatocism provisions and transparency in intervention or forced-liquidation processes drew support. The securities-market provisions divided lawmakers.

Legislators from Revolución Ciudadana, Pachakutik, and Partido Social Cristiano warned that the rules could create risks by allowing operations through the extrabursátil market, among other points.

What To Watch

The market impact depends on whether the Assembly keeps securities-market reforms inside the same bill or narrows the proposal to debtor-protection rules. Financial institutions, brokerages, issuers, and investors should watch committee changes before second debate.