Regulatory Alerts2023-11-22
Agreement No. 7-2023 Modifying Articles 1, 2, and 5 and Repealing Article 6 of Agreement No. 8-2005
The Board of Directors of the Securities Market Superintendence of Panama issued Agreement No. 7-2023 to update and clarify the administrative sanctioning procedures for late financial reporting. The agreement modifies Article 1 to establish cumulative daily fines for registered issuers and mandates the suspension of public offering authorization after 60 days of non-compliance. It also revises Article 2 to set specific penalties for regulated entities like securities houses and investment advisors, while repealing Article 6 of the original 2005 agreement to eliminate legal inconsistencies.
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