Regulatory Alerts2019-06-03
Circular 04-2019 Guidelines for the Implementation of the Risk-Based Approach
The Superintendence of the Securities Market of Panama issued Circular 04-2019 to provide specific guidelines for the implementation of the Risk-Based Supervision Approach. This directive mandates that obligated entities, including securities houses, investment advisors, and fund administrators, apply recommended principles to their compliance and operational frameworks. The circular facilitates access to these sector-specific guidelines via the Superintendence's website to ensure regulatory alignment with Law 23 of 2015.
[Logo: SMV 20 Years - Superintendence of the Securities Market - Republic of Panama]
Panama, May 31, 2019 Circular No. SMV- 04- 2019
To: Chief Executives and Compliance Officers City.
Reference: Guidelines for the Implementation of the Risk-Based Approach.
Dear Sirs:
By means of this communication, we inform the Chief Executives and Compliance Officers of the Obligated Entities (Securities Houses, Investment Advisors, Investment Administrators, Pension and Retirement Fund Administrators, Severance Fund Administrators, Investment Societies, Self-Managed Investment Societies) that, based on Law 23 of April 27, 2015, in its Article 20, which contemplates the powers of the Supervisory Bodies, specifically regarding the adoption of the Risk-Based Supervision Approach, we have prepared the "Guidelines for the Implementation of the Risk-Based Approach," which develop for each obligated entity the principles we recommend applying in this matter.
Via email, we will be sending the link so that, through the Superintendence's website, you can access this information, according to the type of license corresponding to you, as follows:
Guidelines for the Implementation of the Risk-Based Approach.
- Sector: Securities House.
- Sector: Investment Advisors.
- Sector: Fund Administrator.
- Sector: Investment Administrators.
- Sector: Investment Societies.
We urge the proper use of all principles and processes presented in the respective guidelines.
Sincerely,
[Signature] Marelissa Quintero de Stanziola Superintendent.
iba/drt