Regulatory AlertsCircular 03-2018: Implementation of Risk-Based Supervision
The Superintendency of the Securities Market (SMV) of Panama has initiated a risk-based supervision implementation project in collaboration with A2F Consulting to strengthen market oversight and align with international best practices. The SMV requests that regulated entities, including stock exchanges and investment managers, provide factual information through an online survey administered by the consulting firm, clarifying that this is a fact-finding exercise rather than an audit. Responses will be kept strictly confidential and reported in aggregate form to protect entity identities while informing the regulatory evolution of the Panamanian securities market.
[Logo: SMV Superintendency of the Securities Market]
Panama, January 30, 2018 Circular SMV- 03 -2018
To: Panama Stock Exchange Latin American Securities Central Securities Firms Investment Managers Pension and Severance Fund Administrators City
Subject: Implementation of Risk-Based Supervision
Dear Sirs:
With the objective of continuing to strengthen the supervision process, the Superintendency of the Securities Market will begin the consultancy on the implementation of prudential supervision based on risk. This will allow the Directorate of Intermediary Supervision to continue supporting the orderly and transparent evolution of the Panamanian securities market, as well as advance in the implementation of international best practices in financial market supervision. This process will be carried out with the support of A2F Consulting, a firm based in the United States and Germany; they have regional and international experience in securities markets and risk-based supervision.
In this regard, we greatly appreciate the collaboration you may provide to A2F Consulting, which will greatly contribute to the success of the aforementioned project. It is important to clarify that the evaluation to be carried out by the consulting firm is not an audit, but a fact-finding process for the respective recognition of the Panamanian industry and, particularly, of the risk management process of market participants. Your responses will be administered confidentially by A2F Consulting, who will present information in an aggregated manner; therefore, entity names will not be included.
For the above reason and in order to know the voice of the industry, the consulting firm, in addition to conducting visits to the entities, has prepared the attached survey, which
Calle 50, Edificio P.H. Global Plaza, Piso 8. Tel.: (507) 501-1700 Fax: (507) 501-1709 www.supervalores.gob.pa Apartado 0832-2281 WTC Panama, Rep. of Panama
Panama, January 30, 2018 Circular SMV- 03 -2018
must be completed online. The link to the survey will be sent by email to the chief executives of the entities directly by A2F Consulting.
Any questions or clarifications regarding the aforementioned survey may be directed to Ms. Lorena Dueñas, Project Coordinator, via her email account: lduenas@a2f-c.com
Sincerely,
[Signature] Marelissa Quintero de Stanziola Superintendent
/agl
Adj. Copy of the survey prepared by A2F Consulting.
[Logo: SMV Superintendency of the Securities Market]
QUESTIONNAIRE FOR THE UNDERSTANDING OF THE PANAMA SECURITIES MARKET INDUSTRY
The survey titled "Securities Market, the Voice of the Industry" aims to understand the Panama securities market and its trends, which is being carried out within the risk-based supervision implementation project promoted by the Superintendency of the Securities Market. The survey is administered by A2F Consulting, and responses will be presented to the Superintendency in an aggregated manner; therefore, specific entity names will not be included in the results reports.
Deadline for providing responses: January 19, 2018 For survey inquiries, please direct them to Lorena Dueñas, lduenas@a2f-c.com
A. COMPANY IDENTIFICATION
Name of the entity (*Please complete:)