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Latin America Investment News on Viva Tropical

Panamanian Banks Alter Rules to Comply with U.S. TPA

Article Summary:

The Panamanian Superintendency of Banks is adjusting its guidelines in order to comply with the requirements of the Trade Promotion Agreement with the United States.

Photo Credit: Panama America

Original Article Text From Panama America via Google Translate :

Superintendency of Banks to Comply with Rules of TPC

The Superintendency of Banks is adapted to the requirements of the Trade Promotion Agreement with the United States (TPC), by adopting guidelines on financial services regulation.

To comply with the implementation of the TPC Panama / USA., The Board of Superintendence issued Resolution No. 0043 of August 7, 2012, which in its first article resolves that the draft General Resolutions and agreements shall comply to the requirements of transparency required by Article 12.11 of the TPC with the U.S.

In addition, draft agreements and resolutions of the General Superintendent will be published in advance and will provide interested persons a reasonable opportunity for commenting on the proposed regulation.

The institution ensures that operationally deployed mechanisms for transparency in their process of issuing standards that will facilitate compliance with obligations of transparency in the financial services that sets the TPC.

“In the negotiation of agreements and procedures set both governments, there are a variety to be implemented to meet the TPC,” said Nicolas Ardito Barletta, a member of the Board of Directors of the Superintendency of Banks.

He stated that these adjustments do not alter banking regulations and compliance with the law governing the sector because Panama is sovereign in its laws.

“They passed a resolution consistent with both the law of Panama and with the practices already carried out by the Superintendency with the procedures of the CPC,” said Barletta.

The aims set out in resolution adjust the procedure of issuing general rules of transparency to the guidelines contained in the TPC Panama / USA., Which requires that the draft standards are shared with the general public, with the purpose of receiving comments prior to adopting the final rule.

The measure was being implemented with the banks of the square, but with the news that third parties are incorporated in the process of issuing standards, leading to the institution to consider substantive comments submitted by third parties prior to issuing final of the standard, the institution reported.

TPC Article 12.11 provides that each party, insofar as practicable, publish in advance any regulations of general application.

It also states that in adopting final regulations, a party must as far as practicable, address in writing substantive comments received from interested persons concerning the proposed regulations.

Link to Original Article:

From Panama America

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