Regulatory Alerts2018-02-26
Circular 07-2018: Submission of Interim and Audited Financial Statements in PDF Format via SERI for Securities Companies
The Superintendence of the Securities Market of Panama issued Circular 07-2018 to instruct licensed Securities Companies to submit their interim and audited financial statements in PDF format through the Electronic Information Submission System (SERI). The regulation mandates that interim statements be filed within two months of the quarter's end and audited annual statements within three months of the fiscal year's close, while physical copies of audited statements must still be delivered to the Superintendence. Additionally, the circular updates previous requirements by specifying that only one CD copy is now required for physical submissions and provides a link to the instructional guide for the SERI platform.
[Logo: SMV Superintendence of the Securities Market Republic of Panama]
Panama, February 23, 2018 Circular SMV-07-2018
To: Securities Companies
Subject: Submission of Interim and Audited Financial Statements in PDF Format, through the Electronic Information Submission System (SERI)
Dear Sirs:
Through this circular, it is instructed that Entities with Securities Company licenses must submit their Interim Financial Statements in PDF format through the SERI Platform within two (2) months following the close of the quarter; and their Audited Annual Financial Statements within three (3) months following the close of the fiscal year, complying with what is established in Article 12 of Agreement 8-2000 of May 22, 2000 (Periodicity of the presentation of Financial Statements) and Article 22-A of Agreement 3-2015 of June 10, 2015 (Disclosure in Financial Statements).
Notwithstanding, the Audited Financial Statements will continue to be delivered physically to the Superintendence of the Securities Market in compliance with what is established in Agreements 8-2000, 3-2015, and Circular SMV-016-2015 of September 1, 2015, the latter related to the delivery of one (1) Original, one (1) Copy, and one (1) receipt. Please note that regarding the CD copy, from now on, only one (1) copy will need to be presented.
Attached to this circular is an instruction manual that explains the procedure for submission by supervised entities. It can be reviewed at the following link:
http://www.supervalores.gob.pa/files/SERI/Guias/Guia_SERI2_2017.pdf
LEGAL BASIS: Single Text of Law Decree 1 of July 8, 1999, Agreement 8-2000 of May 22, 2000, and Agreement 3-2015 of June 10, 2015.
Sincerely,
[Signature]
Loraine Chavarria de Sinclair Acting Superintendent Superintendence of the Securities Market
[Seal: REPUBLIC OF PANAMA - SUPERINTENDENCE OF THE SECURITIES MARKET]
50th Street, P.H. Global Plaza Building, 8th Floor. Tel.: (507) 501-1700 Fax: (507) 501-1709 www.supervalores.gob.pa P.O. Box 0832-2281 WTC Panama, Rep. of Panama.