New guidelines applicable to Panamanian banks transacting on derivatives

The Superintendence of Banks of Panama issued Agreement No.11-2017 dated 26 December 2017, published in Official Gazette 28446-A of 17 January 2018, to issue new guidelines for Panamanian banks that enter into financial derivatives transactions, due to the increase in volume of basic and more complex instruments.


The guidelines shall enter into effect on 2 January 2019.


The regulation applies to State-owned banks and banks holding general and international banking licenses. Definitions of derivatives, forwards, futures, swaps, options, among other concepts are included in the guidelines.


Banks must ensure that their boards of directors adopts appropriate policies and manuals, with a strong focus on internal control and risk management, as well as the minimum appraisal requirements prior to incorporating these instruments in their balance sheets.

Ivette E. Martínez S. - imartinez@ims.legal


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Panama City, Republic of Panama

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© 2018  - IVETTE MARTINEZ  |  Attorney-at-Law  |  Panama