Regulatory Alerts2018-02-21
Circular 05-2018 Update of Natural Person License Statuses
The Superintendence of the Securities Market of Panama requires Principal Executives of regulated entities to update the status of all natural person licenses via the SERI system, including those not currently exercising their roles. This obligation extends to all collaborators within an Economic Group if the entity belongs to a group containing a bank. Principal Executives must also continue to notify the start and end dates of employment relationships and absences exceeding forty-five calendar days as mandated by existing regulations.
[Logo: SMV Superintendence of the Securities Market Republic of Panama]
Panama, February 20, 2018.
Circular SMV-005 - 2018.
To Regulated Entities Panama City
With the purpose of keeping the status of natural person licenses updated, we deem it appropriate to request that in the "Licensed Personnel" section of the Electronic System for Information Submission (SERI), the Principal Executives of the entities regulated by this Superintendence report all natural person licenses held by all their collaborators, whether or not they are exercising the position for which they were requested.
Similarly, in the event that the regulated entity belongs to an Economic Group in which a Bank is also located, the Principal Executive of the regulated entity must report all natural person licenses held by all collaborators within the Economic Group, whether or not they are exercising the position for which they were requested.
Likewise, we remind you that according to Article 77 of the Single Text of Decree Law 1 of 1999 and Article 20 of the Single Text of Agreement 05-2014, it is the responsibility of the Principal Executives to notify the start and end dates of the employment relationship, as well as absences of more than forty-five (45) calendar days, both their own and those of each person holding a position or exercising functions that require a license issued by the Superintendence; including securities brokers or analysts with domicile outside the Republic of Panama.
It is worth noting that the information presented in the Electronic System for Information Submission (SERI) does not replace compliance with Article 20 of the Single Text of Agreement 05-2014.
Sincerely,
[Signature]
Loraine Chavarría de Sinclair Acting Superintendent /cmendoza
[Seal: REPUBLIC OF PANAMA - SUPERINTENDENCE OF THE SECURITIES MARKET]