Added for discussion
SUPERINTENDENCY OF BANKS
REPUBLIC OF PANAMA
GENERAL RESOLUTION S.B. No. 02-2002
(of July 18, 2002)
THE SUPERINTENDENT OF BANKS,
using her legal authority, and
WHEREAS:
CONSIDERANDO:
Pursuant to Article 27 of Law No. 6 of January 22, 2002, which
prescribes “Standards for the Transparency of the Public
Administration, stipulates the Habeas Data action and other
provisions”, it was provided that "within a term not greater than
six months, counted from the moment said law goes in effect, any
State agency or dependency, including those that compose the
Executive, Legislative and Judicial Branches, the decentralized
entities, autonomous and semiautonomous, the municipalities, the
local governments and community boards, if they do not have them,
must establish and order the publication in the Official Gazette
of their respective Codes of Ethics in order to exercise the
public function correctly";
Besides being an explicit legal order, the Superintendent of Banks
deems it necessary and convenient to gather in an organized and
systematic document, the ethical values and the principles that
the officers of the Superintendency of Banks must observe while
performing their functions;
The legal excerpt mentioned in the first paragraph stipulates that
the Codes of Ethics to which it refers will be gathered by the
People’s Defense Office, having been previously approved by each
one of the corresponding institutions;
Pursuant to the provisions of Article 13 of Decree Law No. 9 of
1998, the Superintendent will be in charge of the administration
and management of the Superintendency’s daily proceedings; and
Pursuant to Numeral 33 of Article 17, he/she must resolve
everything that is not expressly reserved for the Board of
Directors or another authority;
RESOLVES:
FIRST ARTICLE. Let the following Code of Ethics, applicable to
the public officials of the Superintendency of Banks, be approved
and adopted:
CODE OF ETHICS FOR PUBLIC OFFICIALS
OF THE SUPERINTENDENCY OF BANKS
TITLE I
DEFINITIONS, APPLICATION SCOPE AND PRINCIPLES
CHAPTER I
DEFINITIONS AND APPLICATION SCOPE
Article 1: Definitions: For the purposes of applying and
interpreting this Code of Ethics, the following terms are defined
as:
*
Code of Ethics: Set of principles and norms of mandatory
observance, with recommendations that help the members of an
organization to behave correctly.
*
Ethics: Set of rules, principles and behavior models that
respond to propriety and rationality criteria, which are
identified with a good governance code.
*
Public Function: For the purposes of this Code, "public
function" is defined as any activity, temporary or permanent,
remunerated or honorary, executed in the Superintendency of Banks.
*
Public Official: For the purposes of this Code, the person
hired temporary or permanently to perform a position in the
Superintendency of Banks, whether he is remunerated or not.
*
Regulated Person: The natural or juridical persons who
exercise the Banking business in or from Panama, and the
representation offices as well as the natural or juridical persons
that own a trust license.
*
Interested Persons: For the purposes of applying the norms
contained in this Code, he is any person or entity that is or
will be directly or indirectly supervised by the Superintendency
of Banks, or who provides or will provide goods or services to the
Superintendency, as well as the banking system users.
Article 2: Application Scope.
All public officials of the Superintendency of Banks must respect
and observe this Code in their professional endeavors.
Any person that accepts performing a position in the
Superintendency, either as a hired employee or by contract,
remunerated or not, will be immediately subject to the observance
of the provisions and procedures stipulated in this Code.
CHAPTER II
GENERAL PRINCIPLES
Article 3: Probity.
The Superintendency of Banks’ public official must act with
integrity and honesty, seeking to satisfy the general interest
without attaining benefits or personal advantages, attained by
himself or by an intermediary. He is also obliged to display an
honest demeanor.
Article 4: Prudence.
The Superintendency of Banks’ public official must act with
complete knowledge of the issues subject to his consideration,
with the same diligence that a good administrator would use with
his own possessions. The exercise of public functions in the
Superintendency of Banks must inspire trust in the regulated
persons and in the general public. Likewise, he must avoid actions
that could jeopardize the public function’s end, the
Superintendency of Banks’ estate, and the image society should
have regarding its officials.
Article 5: Justice.
The Superintendency of Banks’ public official must be permanently
available for the fulfillment of his functions, giving each person
what he is due, in his relations with the State as well as with
the public, his superiors and subordinates.
Article 6: Temperance.
The Superintendency of Banks’ public official must perform his
functions with respect and sobriety, using the prerogatives that
are inherent to his position and the means he has available solely
for the fulfillment of his functions and duties.
Article 7: Suitability.
Suitability, understood as technical aptitude, or non-technical
aptitude in case of those public officials who hold positions that
do not require special technical training, is a special condition
for accessing and exercising public functions.
Article 8: Responsibility.
The Superintendency of Banks’ public official must perform his
duties faithfully.
Article 9: Obedience.
The Superintendency of Banks’ public official must observe the
orders imparted by his hierarchial superior, as long as they have
the formalities the case merits and have as their aim the
performance of service acts linked to the position’s functions,
unless manifest arbitrariness or illegality is involved. A
superior order does not exempt from responsibility the officer who
executes an act of manifest infringement of a constitutional or
legal precept.
Article 10: Independence of Criterion.
The Superintendency of Banks’ public official must not become
involved in situations, activities or interests that are
incompatible with his functions. He must abstain from any conduct
that could affect his independence of criterion while performing
his functions.
For more information, visit
Superintendencia de Bancos de Panamá
rajhere
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08-10-2007, 06:56 AM #1
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