Panama: Assessment of Financial Sector Supervision and Regulation, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation
Volume/Issue:
Volume 2007
Issue 066
Publication date: February 2007
ISBN: 9781451830897
$20.00
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Topics covered in this book
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Banks and Banking , Investments and Securities-General , Business and Financial , ISCR , CR , bank , Comision Nacional de Valores , securities , banking system assets , firm , license bank , bank secrecy law , CNV staff , asset forfeiture , CFT obligation , Panamanian-headquartered bank , well-developed banking system , return on assets , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Commercial banks , Insurance , Central America
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Summary
This paper discusses key findings of the Assessment of Financial Sector Supervision and Regulation for Panama. The assessment of bank supervision showed a high degree of compliance with the Basel Core Principles (BCP) reflecting generally satisfactory implementation combined with an adequate legal and regulatory foundation. The supervisory and regulatory frameworks for capital markets and insurance sectors are underdeveloped. The securities law and regulations are generally effective; however, resources for securities markets oversight are insufficient, and independence is affected by unfilled positions, including a commissioner’s post.
