Regulatory Alerts2022-12-28
Agreement 14-2022 of December 28, 2022 Amending Article 2 and Article 14-A of Agreement No. 2-2010
The Board of Directors of the Superintendency of the Securities Market of Panama issued Agreement 14-2022 to clarify and modify regulatory provisions regarding securities registration and guarantee trusts. The agreement mandates annual risk rating updates for securities registered after January 1, 2018, limits the validity of Rotating Securities Programs to ten years, and requires independent appraisals of guarantees every five years, or every three years if repayment relies on recurring asset income. These modifications aim to enhance investor protection, legal certainty, and market efficiency by eliminating ambiguities in the application of existing norms.
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