Regulatory Alerts2023-07-05
Agreement No. 6-2023 of July 5, 2023 Modifying Articles 14, 17, 37, 38, and 39 of Agreement No. 5-2004 and Article 2 of Agreement No. 2-2010
The Securities Market Superintendence of Panama issued Agreement No. 6-2023 to align investment society asset valuation methods with International Financial Reporting Standards (IFRS) and to clarify registration requirements for self-administered entities. The regulation mandates that registered investment societies calculate net asset value per share using generally accepted valuation methodologies and IFRS, while permitting the use of registered price providers when liquid markets are absent. Additionally, the agreement clarifies disclosure obligations regarding effective owners and final beneficiaries for public offerings and updates internal control and prospectus requirements for investment societies.
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