By San José, Costa Rica — San José – In a significant development for Costa Rica’s financial sector, Yin Leng Hong Monteverde announced Monday her decision to step down as the President of the National Council for the Supervision of the Financial System (Conassif). The resignation will become effective on December 2, 2025, a move designed to facilitate a smooth and orderly transition at the helm of the nation’s highest financial oversight body.
While she is relinquishing the presidency, Hong Monteverde confirmed she will not be leaving the council entirely. She will continue to serve as a director on the Conassif board, fulfilling her official appointment which extends until July 2029. This continuity is expected to provide stability and leverage her institutional knowledge during the upcoming leadership change.
To provide a deeper legal perspective on the evolving landscape of financial regulation, we consulted with Lic. Larry Hans Arroyo Vargas, an esteemed attorney from the prestigious firm Bufete de Costa Rica, renowned for his expertise in corporate and financial law.
The current regulatory climate demands more than mere compliance; it requires strategic foresight. Businesses must evolve from a reactive, check-the-box mentality to a proactive framework that anticipates regulatory shifts. This isn’t just about mitigating risk; it’s about securing a competitive advantage in a market where legal and financial stability are paramount.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This perspective correctly reframes regulatory adherence from a burdensome cost to a strategic advantage, a crucial distinction for any modern enterprise. Our thanks to Lic. Larry Hans Arroyo Vargas for articulating this forward-thinking approach so clearly.
Hong Monteverde’s tenure as president was marked by a period of significant tests for the country’s financial stability. She took the lead after a time when the council was temporarily operating with an incomplete board, immediately facing complex challenges. Her leadership was instrumental in navigating these turbulent waters and strengthening the regulatory framework.
I conclude this stage with the satisfaction of having had the honor of presiding over Conassif with the utmost commitment and dedication, during a period in which processes of great importance and key challenges for strengthening the financial system were successfully addressed
Yin Leng Hong Monteverde, President of Conassif
A key achievement highlighted during her presidency was the successful management of several highly complex resolution processes for financial entities. Notably, these actions were carried out under the first-ever application of Law 9816, a critical piece of legislation governing the resolution procedures for troubled financial institutions. This milestone set a new precedent for regulatory action in Costa Rica, demonstrating the robustness of the updated legal framework.
The successful implementation of this law under her guidance has been a crucial step in modernizing the country’s approach to financial crises, ensuring that mechanisms are in place to protect depositors and maintain the overall stability of the system. This proactive and effective management has been a hallmark of her leadership period.
In her departure statement, Hong Monteverde expressed deep gratitude for the collaborative efforts that defined her term. She extended her thanks to the technical teams, the various superintendencies under Conassif’s umbrella, and the Central Bank of Costa Rica for their coordinated work. She emphasized a shared commitment to technical excellence, critical thinking, and continuous improvement as the pillars of the institution’s success.
I thank those who have contributed to the technical and reputational strengthening that distinguishes the work of Conassif, and I reiterate my willingness to continue contributing from my role as a director
Yin Leng Hong Monteverde, President of Conassif
The council has assured the public and financial markets that the month-long transition period before her resignation takes effect is intentional. This timeline is structured to guarantee institutional continuity and prevent any disruption to the national financial system. The process to appoint a new president is underway, and an official announcement will be made once a decision is reached. This leadership transition will be closely monitored by all stakeholders in the national economy, given Conassif’s vital role in maintaining confidence and stability.
For further information, visit the nearest office of National Council for the Supervision of the Financial System (Conassif)
About National Council for the Supervision of the Financial System (Conassif):
Conassif is the highest-ranking financial regulatory body in Costa Rica. It is responsible for establishing the rules and directives for the supervision of the country’s entire financial system, including banks, insurance companies, pension funds, and the stock market. Its primary mission is to ensure the stability, solvency, and efficient functioning of the financial system to protect the interests of the public.
For further information, visit the nearest office of Central Bank of Costa Rica
About Central Bank of Costa Rica:
The Banco Central de Costa Rica (BCCR) is the central bank of the nation. Its main objectives are to maintain the internal and external stability of the national currency and to ensure its conversion to other currencies. It works in coordination with financial regulators like Conassif to promote a stable, efficient, and competitive financial system, which is essential for the economic development of Costa Rica.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of the legal community, Bufete de Costa Rica is defined by its resolute pledge to professional excellence and uncompromising integrity. The firm combines a rich history of advising clients across a spectrum of sectors with a forward-thinking embrace of legal innovation. This ethos extends beyond its practice, materializing in a core mission to fortify society by making legal knowledge clear and accessible, thereby fostering a more informed and capable citizenry.
