Iuris Dictio

Dossier I

No. 36 (2025)

Syndicated Loans in Ecuador: Treatment and Regulatory Challenges

DOI:
https://doi.org/10.18272/iu.i36.3945
Submitted
July 1, 2025
Published
December 17, 2025

Abstract

This article analyzes the regulatory challenges faced by syndicated loans in Ecuador. It examines under international standard market practice the characteristics of syndicated loan agreements, the scope of typical contractual clauses in these types of transactions, and the applicable regime in Ecuador. The analysis identifies the limitations and conflicts that arise from applying the financial consumer protection regime to such contracts. Finally, the article proposes regulatory reforms aimed at differentiating the treatment of borrowers/consumers with the capacity to analyze legal and financial risks from consumers without such capacity, allowing for greater contractual freedom. Additionally, a review of the fee regime applicable to these transactions is suggested. The article concludes that a targeted reform of the regulatory framework is essential to strengthen the syndicated loan market, providing it with legal certainty and competitiveness.

References

  1. Ajayi, T., & Sosan, M. (2013). The roles of agent banks in syndicated loans transactions: A critical analysis. Equity Research Consult. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2260605
  2. Arias Barrera, L. C. (2012). Generalidades del régimen del crédito sindicado: Mención especial al derecho inglés. Revista de Derecho Privado, 22, 321-353. https://revistas.uexternado.edu.co/index.php/derpri/article/view/3198/2835
  3. CMS Legal. (2025). Syndicated loan. CMS Law. https://cms.law/en/int/content/syndicated-loan
  4. Ertan, A. (2020) Real Earnings Management through Syndicated Lending. [Tesis doctoral, London Business School]. London Business School Research Online. https://lbsresearch.london.edu/id/eprint/1652/1/Ertan_Dissertation_2020-12-28.pdf
  5. Financial Conduct Authority. (s. f.). COBS 3: Client categorisation. FCA Handbook. https://www.handbook.fca.org.uk/handbook/COBS/3/?view=chapter
  6. Legal Information Institute. (2022). Institutional investor. Cornell Law School. https://www.law.cornell.edu/wex/institutional_investor
  7. Mi, B., & Han, L. (2020). Banking market concentration and syndicated loan prices. Review of Quantitative Finance and Accounting, 54, 1-28. https://link.springer.com/article/10.1007/s11156-018-0781-y
  8. Miller, M. R. (2010). Contract law, party sophistication and the new formalism. Missouri Law Review, 75(2), 493-536.
  9. Socioeconomic & Ecological Development Insights. (s. f.). What is a syndicate fee structure? Recuperado el 1 de julio de 2025, de https://seedi.org/knowledge-point/what-is-a-syndicate-fee-structure/
  10. Thomson Reuters. (2025). Practical law: Overview of legal principles. Practical Law. https://uk.practicallaw.thomsonreuters.com/9-382-3236?transitionType=Default&contextData=(sc.Default)&firstPage=true
  11. Codificación de Normas de la Superintendencia de Bancos. (2017). Resolución de la Superintendencia de Bancos 810, R. O. Edición Especial 123, 31 de octubre. Ultima modificación: 9 de diciembre de 2025.
  12. Codificación de Resoluciones Monetarias, Financieras, de Valores y Seguros expedidas por la Junta de Política y Regulación Monetaria y Financiera. (2017). Segundo Suplemento del R. O. n.o 22, 26 de junio. Última reforma: Suplemento del R. O. 163, 13 de noviembre de 2025. Libro I: Sistema financiero.
  13. Código Orgánico Monetario y Financiero. (2014). Segundo Suplemento del R. O. n.o 332, 12 de septiembre de 2014. Última reforma: Suplemento del R. O. 142, 13 de octubre de 2025.
  14. Corte Constitucional del Ecuador. (2021). Caso n.o 55-12-IN/21, 17 de noviembre.
  15. Corte Constitucional del Ecuador. (2023). Caso n.o 57-17-IN, 28 de junio.

Copyright (c) 2025 Juan Francisco Simone Lasso

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.