Regulatory Alerts2022-01-26
Agreement 01-2022 of January 26, 2022 Modifying and Adding Provisions to Agreement 2-2011, Incorporating Rules for the Management and Handling of Global Accounts
The Superintendence of the Securities Market of Panama issued Agreement 01-2022 to modify and add provisions to Agreement 2-2011, establishing comprehensive rules for the management and custody of global accounts by securities houses. The regulation defines three custody structures (A, B, and C), mandates specific business plan requirements including risk management and contingency planning, and sets strict operational, accounting, and reporting standards for third-party custodians and outsourced processes. It imposes a 15-month adaptation period for compliance, after which securities houses operating without authorized global account structures face operational restrictions to protect client assets.
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