Agreement No. 4-2026 Modifying Notification Procedures in Administrative Sanctioning Processes

Republic of Panama
Banking Superintendence of Panama
AGREEMENT No. 4-2026
(of June 23, 2026)
“By which Article 17 is modified and Articles 17-A, 17-B, and 17-C are added to Agreement No. 012-2015, which establishes the administrative sanctioning procedure before the Banking Superintendence for those processes that do not have a special administrative procedure established”

THE BOARD OF DIRECTORS
In exercise of its legal powers, and
CONSIDERING:

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

That in accordance with numeral 1 of Article 5 of the Banking Law, it is the objective of the Banking Superintendence to ensure the solidity and efficiency of the banking system;

That in accordance with numeral 2 of Article 5 of the Banking Law, it is the objective of the Banking Superintendence to strengthen and foster favorable conditions for the development of the Republic of Panama as an international financial center;

That in accordance with Article 11, section I, numeral 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 Article 184 of the Banking Law provides that the Superintendent will impose the administrative sanctions that correspond for the violation of this law, other laws, and agreements that regulate or modify it, taking into consideration the gravity of the offense, recidivism, and the magnitude of the damage and harm caused to third parties;

That Article 190 of the Banking Law establishes that the procedure for imposing sanctions will be developed by the Banking Superintendence;

That in accordance with what is provided in Law No. 38 of July 31, 2000, which establishes the General Administrative Procedure, public entities may establish a special norm to regulate the administrative procedure for specific cases or matters, with Law No. 38 of 2000 being applicable subsidiarily;

That by means of Agreement No. 012-2015 of November 24, 2015, the Banking Superintendence establishes the administrative sanctioning procedure that will be processed before this agency for those processes that do not have a special administrative procedure established;

That Article 17 of Agreement No. 012-2015 establishes the types of notifications, personal and by edict, that will be applied in those processes that do not have a special administrative sanctioning procedure established; as well as, the notification procedure;

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That, in working sessions of this Board of Directors, the need and convenience of modifying Agreement No. 012-2015 has been manifested, in order to update the provisions related to the notifications that are carried out within the administrative sanctioning procedure that will be processed before this agency for those processes that do not have a special administrative procedure established.

AGREES:

ARTICLE 1. Article 17 of Agreement No. 012-2015 of November 24, 2015, is hereby amended as follows:

ARTICLE 17. NOTIFICATIONS. Notifications may be made personally, by email, by edict, or by other electronic means.

In the first action or subsequent actions within the process, each party must provide an email address to which all notifications will be sent. However, the party may expressly state its willingness to have notifications made personally at the domicile or by edict at the office of the Banking Superintendence, which must be recorded in the file. In those cases where the party authorizes that all notifications be made by edict at the office of the Banking Superintendence, the notified resolution will be sent by email or other electronic means indicated. Once the corresponding edict is removed, from which the notification takes effect, the corresponding term will begin to run.

Likewise, the party must indicate if it authorizes another electronic means of data transmission through which it will receive notifications (fax, WhatsApp, SMS, and any other technological means developed and available at the time).

The authenticity of memorials, documents, and other cross-communications between the Banking Superintendence and the parties or their lawyers is presumed when they are submitted through the electronic means provided in the file and which must be sent within the term.

ARTICLE 2. Article 17-A is added to Agreement No. 012-2015 of November 24, 2015, as follows:

ARTICLE 17-A. TYPES OF NOTIFICATIONS. Resolutions issued by the Banking Superintendence may be notified in the following manner:

1. Notification by email: This is the notification carried out through email. In these cases, the resolution being notified will be attached to the email.

Notification made to the parties at the electronic address provided by them will have the effects of personal notification. The term will begin to run the day following the sending of the communication via electronic means, of which a record will be left in the file.

2. Personal notification: This is the one carried out with the person required in person before the public servant, at the office of the Banking Superintendence, at the office, or at the known domicile of the person to whom notification must be made, and in which the notified person must sign the respective record. In said notification record, a copy of the resolution being notified will be delivered to the person required.

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It also has the effects of personal notification if the person to whom notification must be made acknowledges receipt through a document presented at the office of the Banking Superintendence or sent from the email provided to the Banking Superintendence. In both cases, the number and date of the resolution of which receipt is acknowledged and the parties to the process must be indicated.

Likewise, the effects of personal notification are produced in those cases where, after two (2) reports on different days at the known domicile, the person required is not found and an edict is posted at the office of the Superintendence, in which case the resolution will be sent by postal mail or electronic mail, or any other electronic means recorded in the file. Once the corresponding edict is removed, from which the notification takes effect, the corresponding term will begin to run.

In those cases where the party excuses a personal notification manifestly or does not want to or cannot sign, the public servant of the Banking Superintendence who has processed the notification will record the situation through a report, with which the notification will be considered fulfilled for all legal effects.

3. Notification by edict: When it comes to notifications by edict, the same will be posted for five (5) business days in a public and visible place at the office of the Banking Superintendence. Once the edict is removed, the notification will take legal effect and the corresponding term will begin to run.

From the posting of the edict at the Banking Superintendence, the person to be notified will be informed and a copy will be sent via email, text message, or any other available electronic means provided by the parties. A record of these actions will be left in the file.

4. Notification by other electronic means: In addition to email, parties may request that notifications be made by other means, such as WhatsApp or any other electronic means developed and available at the time.

PARAGRAPH: In those cases where notification must be made personally, either in person or by email, and it is not possible to notify the parties by any of the means provided for such effect, once the requirements indicated according to the type of notification are met, it will be made by edict which will be posted at the office of the Banking Superintendence for a term of five (5) days, incorporating it into the file upon its removal.

ARTICLE 3. Article 17-B is added to Agreement No. 012-2015 of November 24, 2015, as follows:

ARTICLE 17-B. PERSONAL NOTIFICATION. The following will be notified personally:

1. The Resolution that admits or does not admit a complaint;
2. The Resolution that entails a transfer;
3. The Resolution that decides the process.

The resolutions referred to in this article may be notified via electronic means or edict, in accordance with what is indicated in Articles 17 and 17-A of this Agreement.

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PARAGRAPH: Second instance decisions will be notified by edict and a copy of the resolution will be sent to the electronic means provided by the parties that is in the file.

ARTICLE 4. Article 17-C is added to Agreement No. 012-2015 of November 24, 2015, as follows:

ARTICLE 17-C. RECEIPT OF INFORMATION. Any communication or request that the Banking Superintendence makes within the process, other than a notification, will be considered received on the day it was delivered personally to the recipient or delivered to their domicile, habitual residence, establishment, or address provided.

In the case of sending by email or other means, it is considered received on the day it is sent to the address or electronic means provided by the parties.

In the event that the person to whom information must be provided is not found at the declared domicile, prior to a report by the notifier, the action will be considered made on the next business day after it was sent to the email or any other electronic means that has been designated by the interested party and which is recorded in the file.

ARTICLE 5. The provisions of this Agreement will begin to govern from its promulgation.

Given in the city of Panama, on the twenty-third (23) day of the month of June of two thousand twenty-six (2026).

LET IT BE COMMUNICATED, PUBLISHED, AND COMPLIED WITH.

THE PRESIDENT, THE SECRETARY,
Felipe Echandi Lacayo David Alberto Davarro