Circular No. SMV-01-23: Publication of the List of Securities Firms Providing Custody Services for Bearer Shares

[Logo: SMV Superintendence of the Securities Market Republic of Panama]

Panama, February 1, 2023.
Circular No. SMV-01-23

[Seal: REPUBLIC OF PANAMA SUPERINTENDENCE OF THE SECURITIES MARKET]

To:
Entities licensed by this Superintendence
Investor Public

Subject: Publication of the list of securities firms providing custody services for bearer shares

Dear Sirs:

In accordance with the provisions of Article 6 of Law 47 of August 6, 2013, the Superintendence of the Securities Market is obligated to publish on its website an updated list of authorized local custodians registered to act as such. For this reason, we will publish on our website a list of securities firms that provide custody services for bearer shares, which will be updated on a monthly basis.

It is important to note that the custody service for bearer shares differs from the regular custody service provided by securities firms regulated and supervised by this Superintendence. Therefore, entities intending to provide this service must include it in their business plan, which must be submitted for approval by this Superintendence, in compliance with the provisions of Article 15 of Agreement 02-2011.

To date, this Superintendence has not received any communication from the securities firms it regulates and supervises expressing their intention to provide custody services for bearer shares.

On the other hand, we inform you that the Superintendence will not maintain a registry of foreign custodians, as it lacks jurisdiction outside the country.

Article 6 of Law 47 of August 6, 2013 clearly indicates that securities firms and securities central depositories established in the Republic of Panama may serve as custodians for bearer shares.

Sincerely,

[Signature]

Julio Javier Justiniani
Superintendent
/cmendoza

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