Regulatory Alerts2023-04-05
Agreement No. 5-2023 of April 5, 2023 Modifying Article 14 of Agreement No. 11-2005
The Board of Directors of the Securities Market Superintendence of Panama issued Agreement No. 5-2023 to modify Article 14 of Agreement No. 11-2005 regarding license requirements for Investment Administrators of Pension and Retirement Funds. The amendment eliminates the requirement for commercial and personal bank references for applicants, aligning these requirements with those established for other regulated entities under Agreement 13-2020. This change aims to promote market efficiency and investor protection by removing restrictive documentation while maintaining rigorous financial and operational disclosure standards.
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