General Resolution SMV No. JD-10-20 Allowing Deferral of Payment for Certain Registration Fees for Applications Submitted Until December 31, 2020

Promulgated in the Official Gazette No. 29162 of November 25, 2020.

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REPUBLIC OF PANAMA BOARD OF DIRECTORS SUPERINTENDENCY OF THE SECURITIES MARKET

General Resolution SMV No. JD-10-20 Of November 18, 2020

"That allows the deferral of payment for certain registration fees, whose application enters the Superintendency of the Securities Market until December 31, 2020, as part of the special temporary measures adopted in response to the National Emergency State declared by the Cabinet Council as a consequence of COVID-19"

The Board of Directors of the Superintendency of the Securities Market,

in exercise of its legal powers, and

CONSIDERING:

That Law 67 of September 1, 2011, reformed Decree-Law 1 of July 8, 1999, and created the Superintendency of the Securities Market as an autonomous entity of the State, with legal personality, own assets, and administrative, budgetary, and financial independence.

That the Board of Directors, in accordance with articles 5, 6, 10 (numerals 1, 5, and 20), 19, and 20 of the Unified Text of the Securities Market Law (hereinafter: Unified Text), acts as the Highest Body of consultation, regulation, and setting of the general policies of the Superintendency, and among its attributes are: to adopt, reform, and revoke agreements that develop the provisions of the Securities Market Law, as well as to issue resolutions of general application, which must be published in the Official Gazette and will enter into force from their promulgation, unless the Board of Directors establishes another date.

That the Superintendency, by virtue of article 3 of the Unified Text, has the general objective of regulating, supervising, and auditing the activities of the securities market that are developed in the Republic of Panama or from it, promoting legal certainty for all market participants and guaranteeing transparency, with special protection of investors' rights.

That article 24 of the Unified Text1 determines as part of the assets and revenues of the Superintendency the fees it collects, in accordance with what is provided in the Securities Market Law. Subsequently, article 25 of the Unified Text2 prescribes the registration fees, the payment of which is subject to persons who request from the Superintendency the registrations or licenses listed therein.

That the Superintendency, through Agreement 11-2013 of December 23, 2013, established the criteria for the signature and payment dates of registration and supervision fees, whose provisions are applicable to the subjects regulated and supervised by the Superintendency, as well as to any person who requests a registration or a license from the Superintendency, as determined by article 1 of the aforementioned Agreement.

That article 4 of Agreement 11-2013 of December 23, 2013, establishes that the amount of the registration fee must be paid at the time of presenting the respective registration or license application.

That the payment of the registration fee is one of the requirements demanded for the granting of the respective registration or license.

That within the Superintendency, special and temporary measures have been evaluated in response to the National Emergency State declared by the Cabinet Council as a consequence of the COVID-19 pandemic, which are consonant with the current reality and comprehensive of the potential effects this has had on the national economy, such that the Board of Directors of the Superintendency has decided to allow the deferral of payment for certain registration fees contained in article 25 of the Unified Text, for persons who request the respective registration or license from the Superintendency for the remainder of the year 2020.

1 As modified by Law 66 of December 9, 2016. 2 As modified by Law 66 of December 9, 2016. Through General Resolution SMV No. JD-6-20 of June 23, 2020, the amount of the registration fee for modification of terms and conditions of an issuance was modified.

Promulgated in the Official Gazette No. 29162 of November 25, 2020. 2

In merit of the foregoing, the Board of Directors of the Superintendency of the Securities Market, in exercise of its legal powers,

RESOLVES:

ARTICLE FIRST: TO ESTABLISH, in a special and temporary manner, that the amount of the registration fee, for applications that enter the Superintendency of the Securities Market until December 31, 2020, may be paid by the applicant of the respective registration or license until January 31, 2021.

The above applies only to applications subject to the payment of registration fees determined in numerals 1 to 20 and 33 of the Unified Text of the Securities Market Law.

The Superintendency of the Securities Market will adopt the measures contemplated by the Securities Market Law to guarantee the payment of these registration fees.

ARTICLE SECOND: VALIDITY. This general resolution will enter into force from its promulgation in the Official Gazette.

LEGAL BASIS: articles 3, 5, 6, 10 (numerals 18 and 20), 19, 20, and concordant articles of the Unified Text of the Securities Market Law.

NOTIFY, PUBLISH, AND COMPLY,

(signed) (signed) Eduardo Lee Luis Chalhoub President of the Board of Directors Secretary of the Board of Directors. /aatencio.