Agreement No. 2 (2024) — By which Article 12 of Agreement No. 8-2010 on Integrated Risk Management is modified. Official Gazette 30049 of June 10, 2024. “Compiled Document”

Republic of Panama Banking Superintendence AGREEMENT No. 2-2024 (May 21, 2024) “By which Article 12 of Agreement No. 8-2010 on Integrated Risk Management is modified” THE BOARD OF DIRECTORS in exercise of its legal powers, and CONSIDERING: That following the issuance of Decree-Law No. 2 of February 22, 2008, the Executive Branch prepared a systematic arrangement in the form of a consolidated text of Decree-Law No. 9 of February 26, 1998 and all its amendments, which was approved through Executive Decree No. 52 of April 30, 2008, hereinafter the Banking Law; That in accordance with items 1 and 3 of Article 5 of the Banking Law, the objectives of the Banking Superintendence are to ensure the maintenance of the solidity and efficiency of the banking system; as well as to foster public confidence in the banking system; That in accordance with items 5 and 10 of Article 11 of the Banking Law, it is the technical authority of the Board of Directors to establish, within the administrative scope, the interpretation and scope of legal or regulatory provisions in banking matters; as well as to issue necessary technical standards for the compliance with the Law; That through Agreement No. 8-2010 of December 1, 2010 and its amendments, provisions on Integrated Risk Management are established, so that banks and banking groups implement an integrated risk management process that allows them to identify, evaluate, monitor, and control or mitigate the different types of risk to which they are exposed according to the size and complexity of their operations, products, and services; That through Article 12 of Agreement No. 8-2010, the profile of the person in charge of the risk management unit is established; and That during working sessions of this Board of Directors, the need and convenience of modifying Article 12 of Agreement No. 8-2010 has been highlighted, with the purpose that banking entities communicate to this Superintendence regarding the dismissal, replacement, or resignation of the person in charge of the risk management unit. AGREES: ARTICLE 1. Article 12 of Agreement No. 8-2010 of December 1, 2010, shall read as follows: “ARTICLE 12. PROFILE OF THE PERSON IN CHARGE OF THE RISK MANAGEMENT UNIT. The personnel responsible for and in charge of the bank's risk management unit must report to the risk committee and meet at least the following requirements: a. Extensive work experience in areas related to the financial sector. b. Broad technical knowledge of integrated risk management. c. Experience in financial operations in general. PARAGRAPH: Banking entities must ensure that they communicate to this Superintendence when the personnel in charge of the risk management unit is replaced, dismissed, or has voluntarily left their position. Likewise, they must ensure that they communicate regarding the person who will be designated as the person in charge of the risk management unit and attach the curriculum vitae of the person holding the position or the person temporarily designated, as applicable.” ARTICLE 2. EFFECTIVENESS. The provisions of this Agreement shall take effect from the date of its promulgation. Given in the city of Panama, on the twenty-first (21) day of the month of May of two thousand twenty-four (2024). COMMUNICATE, PUBLISH, AND ENFORCE. THE PRESIDENT, THE SECRETARY, David Alberto Davarro Adriana Raquel Carles