Regulatory Alerts2019-11-06
Agreement No. 012-2019: Regulations on Securities Investments
The Superintendency of Banks of Panama issued Agreement No. 012-2019 to establish comprehensive regulatory requirements for the management, classification, and measurement of securities investments by regulated banks. The agreement mandates strict governance structures, defining specific responsibilities for the Board of Directors, senior management, risk committees, and internal audit units to ensure effective risk identification, mitigation, and reporting. It further requires banks to align their accounting and valuation practices with International Financial Reporting Standards (IFRS), particularly IFRS 9, while maintaining robust operational infrastructure and internal controls.
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