Regulatory Alerts2022-11-23
Agreement 09-2022 of November 23, 2022 Modifying Article 9 of Agreement 02-2014
The Board of Directors of the Panama Securities Market Superintendence issued Agreement 09-2022 to modify Article 9 of Agreement 02-2014, clarifying the investment policies for registered Real Estate Investment Societies. The regulation mandates that at least 80% of assets be invested in Panamanian real estate, with strict limits on undeveloped properties and purchase options, while allowing up to 20% for incidental investments in high-grade financial instruments for hedging purposes. This amendment aims to accelerate the scope of investment policies and benefit involved parties by eliminating certain restrictions without requiring the full administrative adoption procedure.
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