Regulatory Alerts2025-06-10
Agreement 1-2025 of June 10, 2025 Modifying Certain Provisions of Agreement No. 8-2005
The Board of Directors of the Securities Market Superintendence of Panama issued Agreement 1-2025 to update the administrative sanction criteria for late submission of financial statements and reports under Agreement No. 8-2005. The agreement establishes specific daily monetary fines for registered issuers and other market participants based on the duration of the delay, while also introducing provisions for private reprimands and automatic suspension of public offering authorizations for severe delays. These modifications align the sanctioning framework with the legal valuation criteria introduced by Law 67 of 2011 to ensure market transparency and investor protection.
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