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.
NATIONAL ASSEMBLY REPUBLIC OF PANAMA LEGISPAN LEGISLATION OF THE REPUBLIC OF PANAMA AMENDING ARTICLES OF DECREE-LAW 1 OF 1999, ON THE SECURITIES MARKET OF THE REPUBLIC OF PANAMA. Number: Year: Type of Norm: Reference: LAW 56 2012 Title: Issued by: NATIONAL ASSEMBLY Date (dd-mm-yyyy): 02-10-2012 Official Gazette: 27136 Published on: 05-10-2012 ADMINISTRATIVE LAW, COMMERCIAL LAW, ECONOMIC LAW, FINANCIAL LAW Securities, Securities Market, Investments, Economic Planning, Economy, Public Finance, Public Servants, Public Employees Roll: Position: 597 1845 Pages: 116 Size in Mb: 0.660 Branch of Law: Keywords: TEL.: 212-8496 - EMAIL: LEGISPAN@ASAMBLEA.GOB.PA WWW.ASAMBLEA.GOB.PA
O.G. 27,136 NATIONAL ASSEMBLY, REPUBLIC OF PANAMA LAW 56 Of October 2, 2012 Amending articles of Decree-Law 1 of 1999, on the Securities Market of the Republic of Panama THE NATIONAL ASSEMBLY DECREES: Article 1. Article 5 of Decree-Law 1 of 1999 is hereby amended as follows: Article 5. Organs of the Superintendence. The Superintendence shall have a Superintendent and a Board of Directors. The Executive Branch shall appoint the Superintendent and five members of the Board of Directors, who shall be subject to ratification by the National Assembly, as established by Law 3 of 1987. The two additional members shall be designated in accordance with the provisions of the following article, and shall not be subject to ratification by the National Assembly. Article 2. Article 343 of Decree-Law 1 of 1999 is hereby amended as follows: Article 343. Transition Period. The National Securities Commission and its commissioners shall exercise the functions of the Superintendence until the members of the Board of Directors appointed by the Executive Branch and the Superintendent have taken office. While the Board of Directors of the Superintendence of Insurance and Reinsurance of Panama is being formed, it shall be the responsibility of its Superintendent to occupy the position of director referred to in the third paragraph of Article 6 of this Decree-Law. Article 3. This Law amends Articles 5 and 343 of the Consolidated Text of Decree-Law 1 of July 8, 1999. Article 4. This Law shall enter into force the day following its promulgation. LET IT BE COMMUNICATED AND COMPLIED WITH. Project 506 of 2012 approved in third debate in the Justo Arosemena Palace, City of Panama, on the twenty-fourth day of the month of September of the year two thousand twelve. The President, Sergio R. Gálvez Evers The General Secretary, Wigberto E. Quintero G.
O.G. 27,136 2 NATIONAL ASSEMBLY, REPUBLIC OF PANAMA NATIONAL EXECUTIVE ORGAN. PRESIDENCY OF THE REPUBLIC, PANAMA, REPUBLIC OF PANAMA, OCTOBER 2, 2012. RICARDO MARTINELLI BERROCAL President of the Republic FRANK DE LIMA Minister of Economy and Finance