Regulatory Alerts2022-09-14
Agreement No. 6-2022 of September 14, 2022, Modifying Article 4-A of Agreement No. 11-2005 and Article 37 of Agreement No. 6-2015
The Superintendency of the Securities Market of Panama issued Agreement No. 6-2022 to expand simplified affiliation procedures for pension and retirement plans to include collective plans where contributions are made exclusively through a subscribing legal entity. The regulation mandates that administrators apply simplified due diligence measures for these collective plans while maintaining non-simplified due diligence on the subscribing entity itself. It further establishes specific record-keeping requirements for individual identity verification and electronic storage of due diligence documentation for a period of five years post-contract.
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