Agreement No. 013-2019 Modifying Article 3 of Agreement No. 006-2018 Updating Fees for Special Services

Republic of Panama
Superintendence of Banks
AGREEMENT No. 013-2019
(of November 19, 2019)
"By which Article 3 of Agreement No. 006-2018, which updates the fees for special services, is modified"

THE BOARD OF DIRECTORS in the exercise of its legal powers, and

CONSIDERING:

That as a result of the issuance of Decree-Law No. 2 of February 22, 2008, the Executive Branch prepared a systematic ordering in the form of a single text of Decree-Law No. 9 of February 26, 1998, and all its modifications, which was approved through Executive Decree No. 52 of April 30, 2008, hereinafter the Banking Law;

That in accordance with what is established in items 1 and 2 of Article 5 of the Banking Law, the objectives of the Superintendence of Banks are to ensure that the solidity and efficiency of the banking system are maintained; as well as to strengthen and foster the favorable conditions for the development of the Republic of Panama as an international financial center;

That in accordance with Article 11, section I, item 5 of the Banking Law, it is a technical attribute of this Board of Directors to fix, within the administrative scope, the interpretation and scope of legal or regulatory provisions in banking matters;

That in accordance with item 1 of Article 23 of the Banking Law, the Superintendence of Banks may count as part of its resources the amount of other special services paid by banks and other supervised entities;

That by means of Agreement No. 008-2003 of October 16, 2003, the fees for the special services requested from this Superintendence were established;

That Article 1 of Law 21 of May 10, 2017 establishes that the Superintendence of Banks will have exclusive competence to regulate and supervise fiduciaries holding a fiduciary license and will have the faculty to develop the provisions of the Fiduciary Regime in matters of supervision and regulation;

That in accordance with Article 5, item 1 of Law 21 of 2017, it is an attribute of this Board of Directors to fix, within the administrative scope, the interpretation and scope of legal or regulatory provisions in fiduciary matters;

That in working sessions of this Board of Directors, the need and convenience of modifying Article 3 of Agreement No. 6-2018, which updates the fees for special services requested from this Superintendence, has been manifested, in order to expand the services provided to fiduciary companies.

AGREES:

ARTICLE 1. Article 3 of Agreement No. 006-2018 is hereby amended as follows:

“ARTICLE 3. CHARGES FOR SPECIAL SERVICES TO FIDUCIARIES.
The following fees are established to cover the expenses for issuance, investigation, 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 fiduciary license, the sum of two thousand balboas (B/.2,000.00).
2. For the request for merger, consolidation, or spin-off of the fiduciary company, the sum of one thousand balboas (B/.1,000.00).
3. For the request for change of name or corporate name, change of board of directors, and any modification or reform to the partnership agreement, the sum of one hundred fifty balboas (B/.150.00).
4. For the request for issuance of fiduciary license certifications, the sum of thirty balboas (B/.30.00).
5. 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 centésimos of a balboa (B/.0.25) per photocopy, or the sum of fifty centésimos of a balboa (B/.0.50) per photocopy in those cases where immediate delivery is required.
6. For the request for authorization of an authorized local custodian of bearer shares, the sum of two thousand five hundred balboas (B/.2,500.00) and for an authorized foreign custodian of bearer shares, the sum of five thousand balboas (B/.5,000.00).
7. For the request for certification of authorized local or foreign custodian, the sum of two hundred fifty balboas (B/.250.00).
8. For the request for voluntary liquidations or cancellation of licenses, the sum of one thousand balboas (B/.1,000.00).
9. For the request for acquisition or transfer of shares of fiduciaries, the sum of one thousand balboas (B/.1,000.00), when this entails a change of control, concerted action, or significant interference.”

ARTICLE 2. VALIDITY. This Agreement shall enter into force from its promulgation.

Given in the city of Panama, on the nineteenth (19) day of the month of November of two thousand nineteen (2019).

LET IT BE COMMUNICATED, PUBLISHED, AND COMPLIED WITH.

THE PRESIDENT, THE SECRETARY,
Joseph Fidanque III Nicolás Ardito Barletta