Regulatory Alerts2012-10-10
Law No. 56 of 2012 Amending Articles of Decree-Law 1 of 1999 on the Securities Market of the Republic of Panama
The National Assembly of Panama enacted Law No. 56 of 2012 to amend the organizational structure and transitional provisions of the Securities Market regulatory framework. The law redefines Article 5 of Decree-Law 1 of 1999 to establish a Superintendent and a Board of Directors, specifying that the Executive Branch appoints the Superintendent and five board members subject to National Assembly ratification, while two additional members are designated without such ratification. Additionally, Article 343 is modified to define the transition period during which the National Securities Commission exercises the functions of the new Superintendence until the appointed officials take office.
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