Regulatory Alerts2019-03-11
Circular 01-2019 Publication of Information Table for Natural Person Licenses
The Superintendence of the Securities Market (SMV) of Panama issued Circular SMV-1-2019 to announce the monthly publication of the Natural Person Licenses Information Table starting in March 2019. The circular defines six specific license statuses—Active, Inactive, Expired, Suspended, Revoked, and Cancelled—detailing the regulatory conditions under which each applies. Regulated entities and license holders are instructed to verify their published status and submit supporting documentation via email within thirty days if corrections are required.
Republic of Panama Panama, 2nd quarter of February 2019. Circular SMV-1-2019.
To: Regulated Subjects Panama City
Reference: Publication of Information Table for Natural Person Licenses.
Through this communication, we inform all regulated entities that starting in March 2019, in compliance with Article 14 of the Single Text of Agreement 05-2014, the Superintendence of the Securities Market website, www.supervalores.gob.pa, section Regulated Information, subsection Natural Person Licenses, will publish periodic updates of the Information Table for Natural Person Licenses. This table will contain the current status of these licenses, which may be: active, inactive, expired, suspended, revoked, and cancelled. Below, each of these statuses is explained:
Active. The license holder is exercising the functions inherent to this license in an entity licensed to conduct activities inherent to the securities market.
Inactive. The license holder is not exercising the functions inherent to the license for a period of (2) years, counted from the date they last exercised them.
Expired. The license holder has not exercised the functions inherent to the license for a period of two (2) years, counted from the date they last exercised them. Regarding this status, Article 14 of the Single Text of Agreement 05-2014 contemplates one (1) scenario to take into consideration, in which the license will remain in inactive status instead of expired when:
The holder of one or more licenses declares, via Form DRA-01, that they are holding public or private positions in the banking or securities sector, provided they comply with their obligation to pay the corresponding fee to the Superintendence.
Suspended: When the Superintendence of the Securities Market, in order to avoid imminent and irreparable substantial damage, determines so through a reasoned resolution, in compliance with the Securities Market Law.
Revoked: When the Superintendence of the Securities Market, in order to avoid imminent and irreparable substantial damage, determines so through a reasoned resolution, in compliance with the Securities Market Law.
Cancelled: When the license holder, after having expressly requested the voluntary cancellation of the license, has complied with the requirements established in Article 16 of the Single Text of Agreement 05-2014.
Therefore, starting in March 2019, this Information Table for Natural Person Licenses will be updated on the 30th of each month. Consequently, we request that any person who considers that their license as Chief Executive, Securities Broker, Analyst, or Chief Executive of an Investment Manager deserves a status different from the published one, must submit the pertinent documentation proving this via the email licencias@supervalores.gob.pa., so that within a maximum period of thirty (30) calendar days, it will be examined and determined whether a status change is warranted or if it remains unchanged.
Monserrat Quintero de Stanzwla Superintendent
Icmendoza Intermediaries Supervision Directorate
Calle SO, P.H. Global Plaza Building, Floor 8. Tel.: (507) 501-1700 Fax: (507) 501-1709 www.supervalores.gob.pa Apartado 0832-2281 WTC Panama, Rep. of Panama