Regulatory Alerts2023-12-27
Agreement 10-2023 of December 27, 2023 on the Dissolution and Voluntary Liquidation of Institutions Registered with the Securities Market Superintendency
The Securities Market Superintendency of Panama issued Agreement 10-2023 to regulate the voluntary liquidation procedures for registered financial institutions, specifically addressing the sale of unclaimed assets and the transfer of liquid funds. The regulation mandates that unclaimed assets be sold under strict valuation guidelines with prior Superintendency approval, with proceeds deposited in the National Bank of Panama as custodian before eventual transfer to the State. Additionally, the agreement modifies existing rules for forced liquidations to align with these new standards and establishes rigorous documentation conservation and destruction protocols for both voluntary and forced liquidation scenarios.
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