Regulatory Alerts2023-12-13
Agreement 8-2023 Establishing Rules for Simplified Procedure Investment Accounts in Securities Houses
The Superintendency of the Securities Market of Panama issued Agreement 8-2023 to establish regulatory rules for simplified procedure investment accounts in securities houses. The agreement permits natural persons with low-risk profiles and balances under US$250,000 to open individual accounts with reduced due diligence requirements, including electronic onboarding with two-factor authentication. It mandates strict internal controls, prohibits leverage and third-party transfers, and requires the closure of accounts if clients hold multiple simplified accounts or exceed established limits.
Share