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2018-05-17

Agreement No. 8-2003: Establishing Fees for Special Services

The Board of Directors of the Superintendence of Banks of Panama issued Agreement No. 8-2003 to establish specific fees for special services provided to banks. The agreement mandates fixed tariffs for requests such as licenses, mergers, and document certifications, requiring full payment upon submission via certified methods. These fees are non-refundable and the agreement became effective immediately upon its promulgation in October 2003.

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REPUBLIC OF PANAMA BANK SUPERINTENDENCE AGREEMENT No. 8 - 2003 (October 16, 2003)

THE BOARD OF DIRECTORS

In exercise of its legal powers, and

CONSIDERING

That, in accordance with Item 7 of Article 16 of Law Decree No. 9 of February 26, 1998, it corresponds to the Board of Directors of the Bank Superintendence to establish, within the administrative scope, the interpretation and scope of legal or regulatory provisions in banking matters;

That, in accordance with Item 1 of Article 20 of Law Decree No. 9 of February 26, 1998, to cover its operating expenses, the Superintendence may have access to the amount from other special services, which shall be paid by the Banks;

That, in working sessions of this Superintendence, the need and convenience of determining the special services referred to in Item 1 of Article 20 of Law Decree No. 9 of 1998, as well as fixing the costs or tariffs for said services requested from the Bank Superintendence, has been made evident.

AGREES:

ARTICLE 1: SPECIAL SERVICE. A special service is considered that specific provision, which entails costs and expenses, carried out by the Bank Superintendence at the request and in favor of a Bank.

ARTICLE 2: CHARGES FOR SPECIAL SERVICES. The following tariffs are established to cover the expenses for issuance, research, and analysis incurred by the Superintendence when issuing or evaluating the documentation for each of the special services detailed below:

  1. For the request for a General License or International License, the sum of FIVE THOUSAND BALBOAS (B/. 5,000.00); and for the request for a Representation License, the sum of TWO THOUSAND FIVE HUNDRED BALBOAS (B/. 2,500.00).

  2. For the request for change of Bank License, the sum of ONE THOUSAND BALBOAS (B/. 1,000.00).

  3. For the request for merger and consolidation of Banks or Economic Groups of which Banks are part, the sum of FIVE THOUSAND BALBOAS (B/. 5,000.00).

  4. For the request for acquisition or transfer of shares of Banks or of Economic Groups of which Banks are part, the sum of FIVE THOUSAND BALBOAS (B/. 5,000.00).

  5. For the request for reforms to the articles of association, the sum of ONE HUNDRED FIFTY BALBOAS (B/. 150.00).

  6. For the request for issuance of Bank License Certifications, the sum of THIRTY BALBOAS (B/. 30.00).

  7. For the request for copies of documents held by the Superintendence, which do not have the character of confidential documentation or restricted access, the sum of TWENTY-FIVE CENTS OF A BALBOA (B/. 0.25) per photocopy, or the sum of FIFTY CENTS OF A BALBOA (B/. 0.50) per photocopy in those cases where immediate delivery is required.

ARTICLE 3: TIMING AND METHOD OF PAYMENT. All payments shall be settled in full upon presenting the respective request. In the case of items 1 through 5 of the previous Article, said payment must be made exclusively through Certified Check, Manager's Check, or Bank Transfer. In the case of items 6 and 7, it may be made in cash.

PARAGRAPH: Payments made pursuant to the requests described in this agreement are non-refundable.

ARTICLE 4: VALIDITY. This Agreement shall come into effect from its promulgation.

Given in the city of Panama, on the sixteenth (16) day of the month of October of two thousand three (2003).

COMMUNICATE, PUBLISH, AND ENFORCE.

THE INTERIM PRESIDENT THE INTERIM SECRETARY FÉLIX B. MADURO ARTURO GERBAUD

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