Regulatory Alerts2022-12-07
Agreement 12-2022 of December 7, 2022 Modifying Articles 32 and 39 of Agreement No. 11-2005
The Superintendency of the Securities Market of Panama issued Agreement 12-2022 to amend Articles 32 and 39 of Agreement No. 11-2005 regarding pension and retirement fund administration. The regulation clarifies that asset valuation must follow International Financial Reporting Standards (IFRS) using fair value or amortized cost, resolving prior contradictions in the law. It also establishes strict timelines and reporting requirements for investment excesses, mandating remediation within 15 days and detailed financial disclosures for unresolved breaches.
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