CIRCULARS – TRUST COMPANIES

Date
Description
11 March 2020
Circular N.° SBP-GSF-FID-0042-2020. Attention to preventive measures for COVID-19. Taking into consideration the potential effects on the regular operations of the banking and trust system, in the face of the possible massive spread scenarios related to COVID-19, as it is being experienced in other countries, the SBP urges the system to adopt several measures. In first instance, to attend and stay informed of the prevention and control measures issued by the Ministry of Health and the National Government related to COVID-19, commonly referred to as Coronavirus in the territory of the Republic of Panama. In this regard, it is necessary to keep calm, prudence and good judgment that must be following in this situation.
18 March 2020
Circular N.° SBP-GSF-FID-0054-2020-2020. Suspension of procedural and administrative deadlines. The Superintendency of Banks, by means of General Resolution SBP-RG-0001-2020 dated 18 March 2020 ordered the suspension of procedural and administrative deadlines for fifteen (15) business days, extendable, as of 8:00 a.m. on Thursday 19 March 2020 without implying the closing of the SBP nor of its operations.
19 March 2020
Circular N.° SBP-DPC-FID-0061-2020 -2020. Suspension of procedural and administrative deadlines. The Superintendency of Banks, by means of General Resolution SBP-RG-0001-2020 dated 18 March 2020 ordered the suspension of procedural and administrative deadlines for fifteen (15) business days, extendable, as of 8:00 a.m. on Thursday 19 March 2020 without implying the closing of the SBP nor of its operations.
20 March 2020
Circular N.° SBP-DR-FID-0068-2020. Extension – Audited Financial Statements. The SBP informs trust companies that up to this date it has not yet submitted their audited financial statements, they will have an extension of an additional 30 days to send the statements to the SBP.
20 March 2020
Circular N.° SBP-GSF-FID-0069-2020. Temporary schedule. Business schedule of the Superintendency of Banks. Please be advised that as of Monday 23 March 2020, the SBP will operate on a temporary business schedule from 8:30 a.m. to 2:30 p.m.
23 March 2020
Circular N.° SBP-DR-FID-0087-2020. Temporary suspension of reporting requirements/Article 30 of Law 21 of 2017. As an exceptional measure during the current situation in the country, the SBP informs all trustees on the temporary suspension, and until a statement is issued on the matter, of the following reporting requirements requested by means of Circulars SBP-GSF-0066-2012, SBP-GSF-102-2020. SBP-GSF-0091-2013, SBP-GSF-0059-2014, and SBP-GSF-FID-0074-2017, namely: • AF02 (Securities and Bonds) • AF03 (Trust Company Information) • AF04 (Deposits) • AF05 (Loans) • AF06 (Other Assets) • AF07 (Titles) • AF08 (Liabilities) • FORM SB-UF-01
26 March 2020
Circular N.° SBP-DR-FID-0094-2020. Temporary modification of customer service schedule. Temporary closing of offices due to COVID-19. We wish to inform you hereby that we have been receiving your notification on the temporary modification of customer service hours and/or temporary closing of offices to implement telecommuting and thus be able to support your customers. We remind the trust companies that the tools to be used in its business continuity plan must ensure, among other things, confidentiality of customers’ information and the duty to keep them informed on the actions taken, for them to be aware of these measures.
30 March 2020
Circular N.° SBP-GSF-FID-0097-2020. Temporary schedule. Business and customer service schedule of the Superintendency of Banks. Please be advised that as of Monday, 30 March 2020, the customer service schedule at the SBP and for those employees personally working in its facilities will be from 8:30 a.m. to 12:30 p.m.
8 April 2020
Circular N.° SBP-GSF-FID-0119-2020. Extension of the suspension of procedural and administrative deadlines established by means of General Resolution SBP-RG-0001-2020 dated 18 March 2020, for an additional fifteen (15) days, extendable, as of 8:00 a.m. on Thursday, 9 April 2020, without implying the closing of the SBP nor of its operations.
15 April 2020
Circular N.° SBP-DR-FID-0122-2020. Reporting requirements for the 2019 period/General Resolution SBP-RG-0002-2017. The SBP has deemed it appropriate that trust companies, which as of this date have not yet submitted a hardcopy of their audited financial statements for the 2019 period, as well as the relevant annual certifications required in the aforementioned Resolution, may submit these documents electronically through the Bank Helpdesk e-mail address. Once the national emergency declaration is lifted, they must submit physically the documents to the SBP, for which we will be informing trust companies in a timely manner the period established for the submittal of the printed documents.
17 April 2020
Circular N.° SBP-DR-FID-0126-2020. Reporting requirements. Article 30 of Law 21 dated 10 May 2017. The SBP requires trust companies to report any information related to trust funds guaranteeing securities bonds, as well as the trust funds that are starting or have started any collateral execution process, for which we have prepared the format, attached hereto, which must be filled out and submitted through our bank helpdesk e-mail address soporte@superbancos.gob.pa by 27 April 2020.
27 April 2020
Circular N.° SBP-GSF-FID-0132-2020. Extension of the suspension of procedural and administrative deadlines. The Superintendency of Banks by means of General Resolution SBP-RG-0002-2020 dated 3 April 2020 extends the suspension of procedural and administrative deadlines, originally established in General Resolution SBP-RG-0001-2020 dated 18 March 2020, for an additional fifteen (15) days, extendable, as of 8:00 a.m. on 4 May 2020, without implying the closing of the SBP nor of its operations.
29 April 2020
Circular N.° SBP-DR-FID-0143-2020. Extension. Quarterly unaudited financial statements. The SBP informs to all trust entities that they will have up to 30 calendar days additional to the deadline established in Circular SBP-GSF-FID-0092-2017, i.e. until 30 May 2020 to submit the quarterly unaudited financial statements of the 1Q2020 through our bank helpdesk e-mail address soporte@superbancos.gob.pa
8 May 2020
Circular N.° SBP-DR-FID-0145-2020. Rule 4-2020. It establishes that banks and trust companies will have an adjustment period until 31 December 2020 to comply with the provisions of Articles 1 and 2 of Rule 2-2019.
12 May 2020
Circular N.° SBP-GSF-FID-0155-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. By means of Decree 12 dated 1 April 2020, published on Electoral Court’s Bulletin 4682, it is informed that the validity of personal identity documents of all Panamanians of age and underage (juvenile ID card) and the permanent resident cards issued to foreigners residing in the country whose ID cards are expired or will be expired will be extended until 15 May 2020.
18 May 2020
Circular N.° SBP-GSF-FID-0157-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. By means of Decree 17 dated 13 May 2020, published on Electoral Court’s Bulletin 4691, it is informed that the validity of personal identity documents of all Panamanians of age and underage (juvenile ID card) and the permanent resident cards issued to foreigners residing in the country whose ID cards are expired or will be expired will be extended until 30 June 2020.
20 May 2020
Circular N.° SBP-GSF-FID-0167-2020. General Resolution SBP-RG-0004-2020 dated 14 May 2020 by means of which it was ordered that as of 1 June 2020 the payments made to the SBP by reporting entities, nonfinancial reporting entities and financial entities acting as Special Interest Compensation Fund (FECI) withholding agents for the fees, examination fees, withholdings and other FECI regime-related items shall be made through wire transfers.
21 May 2020
Circular N.° SBP-GSF-FID-0178-2020. Extension of the suspension of procedural and administrative deadlines. The Superintendency of Banks by means of General Resolution SBP-RG-0005-2020 dated 20 May 2020 extends the suspension of procedural and administrative deadlines, originally established in General Resolution SBP-RG-0001-2020 dated 18 March, until 7 June 2020, without implying the closing of the SBP nor of its operations.
29 May 2020
Circular N.° SBP-GSF-FID-0189-2020. New business schedule of the Superintendency of Banks. Please be advised that starting Monday 1 June 2020, the employees of the SBP will work on two temporary shifts: from 7:30 a.m. to 3:30 p.m. and from 8:00 a.m. to 4:00 p.m. and the customer service schedule will be from 8:00 a.m. to 4:00 p.m.
8 June 2020
Circular N.° SBP-GSF-FID-0201-2020. Extension of the suspension of procedural and administrative deadlines. General Resolution SBP-RG-006-2020. The Superintendency of Banks by means of General Resolution SBP-RG-0006-2020 dated 8 June 2020 extends the suspension of procedural and administrative deadlines, originally established in General Resolution SBP-RG-0001-2020 dated 18 March 2020 and its extensions, until 28 June 2020, without implying the closing of the SBP nor of its operations.
30 June 2020
Circular N.° SBP-GSF-FID-0222-2020. General Resolution SBP-RG-0007-2020 dated 30 June 2020 by means of which we have decided to adopt the qualified electronic signature, initially for certain processes and documents, as well as the use of the Qualified Electronic Signature within the SBP, as of 1 July 2020.
7 July 2020
Circular N.° SBP-GSF-FID-0240-2020. Extension of validity of personal identity documents for Panamanians and resident foreigners. By means of Decree 28 dated 26 June 2020, published on Electoral Court’s Bulletin 7403, it is informed that the validity of personal identity documents of all Panamanians of age and underage (juvenile ID card) and the permanent resident cards issued to foreigners residing in the country whose ID cards are expired or will be expired will be extended until 31 August 2020.
8 September 2020
Circular N.° SBP-0264-2020. Reporting requirements / Art. 30 of Law 21 of 2017. The SBP has considered rescinding the aforementioned Circular SBP-DR-FID-0087-2020, therefore, trust entities are notified of the reactivation of the submittal of the reporting requirements listed below: AF02 (Securities and Bonds) • AF03 (Trust Company Information) • AF04 (Deposits) • AF05 (Loans) • AF06 (Other assets) • AF07 (Titles) • AF08 (Liabilities) • SB-UF-01 form
8 September 2020
Circular N.° SBP-DPC-FID-0273-2020. GAFILAT statement. It is informed that GAFILAT statement on COVID-19 and its associated ML and TF risks are posted on the SBP’s website. The entities under the supervision and regulation of the SBP are encouraged to pay special attention to GAFILAT statement and to take the necessary measures to prevent their systems from being used against the ML and FT risks that may arise from the global health situation.
22 September 2020
Circular N.° SBP-0284-2020. Trust General Resolution SBP-FID-0014-2020 by means of which the examination costs of trust companies are temporarily reduced.