Regulatory Alerts2019-10-07
Agreement No. 009-2019 Modifying Article 2 of Agreement No. 006-2012 on Technical Accounting Standards for Banks in Panama
The Banking Superintendence of Panama issued Agreement No. 009-2019 to amend the technical accounting standards applicable to banks established in the country. The regulation introduces a paragraph to Article 2 of Agreement No. 006-2012, allowing bank holding companies to present financial statements under US-GAAP instead of IFRS, provided they receive prior authorization and are supervised by the Superintendence as the home supervisor. This modification aims to facilitate the consolidation of banking groups in Panama and promote the nation's development as an international financial center.
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