Regulatory Alerts2022-04-27
Agreement No. 3-2022 of April 27, 2022 Modifying Agreement No. 4-2003
The Superintendence of the Securities Market of Panama issued Agreement No. 3-2022 to modify the scope of Agreement No. 4-2003 regarding registered securities. The regulation explicitly excludes increases in the issuance amount or changes in the type of registered securities from the definition of modifications to terms and conditions, classifying them instead as constitutive elements of the public offering. This change prevents the use of the fixed-fee modification procedure for fundamental structural changes that require different regulatory scrutiny and fees.
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