Panamanian Banks Obliged to Hire Risk Rating Companies

Banks are now forced to hire specialized Risk Rating companies.

Monday, March 1, 2010

The Panamanian Banking Superintendence passed accord 2-2010, which introduces regulations regarding risk rating at banks.

According to the recently passed regulation, Official Banks, General License Banks and International Licensed Banks must hire, at their expense, the services of specialized Risk Rating companies. Said agencies must comply with the Fundamental Conduct Code, issued by IOSCO, the International Organization of Securities Commissions.

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