Modification of Capital Adequacy Norms for Derivative Exposure

July 15, 2026
SBP-DR-CIRCULAR-2026-0072

To:
General Manager
City

Reference: Issuance of Agreement No. 5-2026

Dear General Manager:

We are pleased to inform you that the Board of Directors of this Superintendence has issued Agreement No. 5-2026 of June 23, 2026, "By which Article 17 of Agreement No. 1-2015, which establishes the Capital Adequacy norms applicable to banks and banking groups, is modified."

Through the aforementioned Agreement, Article 17 of Agreement No. 1-2015 is updated to include that the exposure of derivatives shall be the Counterparty Risk Exposure (ERC). The proposed modification seeks to harmonize the treatment of exposure for derivative instruments, aligning it with Agreement No. 3-2016, by which norms are established for the determination of risk-weighted assets for credit and counterparty risk.

This Agreement shall enter into force from the date of its promulgation.

Attached you will find a copy of the Agreement, the text of which can be consulted through our website www.superbancos.gob.pa in the regulatory section.

We thank you, General Manager, for issuing the pertinent instructions to your staff to comply with the present.

Sincerely,

Milton Ayón Wong
Superintendent

Attachment: As indicated
ARV/kc

"Strength and confidence: guarantors of the rights of banking consumers"

Av. Samuel Lewis, Panama Business Tower, ground floor - Tels.: (507) 506 7800 / (507) 506-7900 - Fax (507) 506-7700 / 506-7703 P.O. Box 0832-2397 W.T.C. Panama, Republic of Panama - www.superbancos.gob.pa - email: superbancos@superbancos.gob.pa

Official document signed with a Qualified Electronic Signature in the Document Transparency System – TRANSDOC of the Superintendence of Banks of Panama, in accordance with Law 83 of 09/11/2012 and Executive Decree No. 275 of 11/05/2018. Use the QR Code to verify the authenticity of the document or the URL:
https://sigob.superbancos.gob.pa/consulta?id=bexP44zWMHpU3fsB2F%2FgRPfLo3RmVZklO0cHsmrWDcM%3D