Circular 01-2018 Implementation of the Electronic Information Submission System (SERI) for the Panama Stock Exchange and the Latin American Securities Central, S.A.

Panama, January 3, 2018
Circular SMV-01-2018

To:
Panama Stock Exchange and
Latin American Securities Central, S.A.

Subject: Implementation of the Electronic Information Submission System (SERI)

Dear Sirs:

Through this Circular, the Self-Regulatory Organizations (Panama Stock Exchange and Latin American Securities Central) are instructed that the mandatory forms adopted through Agreements 7-2003 of July 4, 2003, and 11-2013 of December 23, 2013, must be submitted to the Superintendence of the Securities Market through the Electronic Information Submission System (SERI System) starting January 15, 2018.

FORM (Template)	FREQUENCY
Daily Report (Operations Performed - Panama Stock Exchange) (Agreement 7-2003)	Daily.
Daily Report (Operations Performed - Latin American Securities Central) (Agreement 7-2003)	Daily, no later than the following day.
Quarterly Report of Securities Custodied by Securities Central, Form RVC-T (Agreement 11-2013, Annex 3)	No later than the 15th of the following month.
DS-18 Structure.	Monthly, no later than the 15th of the following month.

Daily and quarterly transaction reports must be submitted through the "Web Service" system of SERI agreed upon by both parties (Panama Stock Exchange and Latin American Securities Central).

The DS-18 Structure form template is available in the SERI section of the Superintendence's website, which can be accessed directly via the following link: http://www.supervalores.gob.pa/seri/301-informacion-general/7994-formularios-seri-autorreguladas.

Information to be submitted starting January 15, 2018, will only be accepted through the "SERI System." Similarly, inquiries may be sent to the email address SES@supervalores.gob.pa

50th Street, P.H. Global Plaza Building, 8th Floor. Tel.: (507) 501-1700 Fax: (507) 501-1709 www.supervalores.gob.pa P.O. Box 0832-2281 WTC Panama, Republic of Panama

Submission of Interim Financial Statements, Audited Annual Financial Statements, and Annual Transaction Reports through the Electronic Information Submission System (SERI).

Self-Regulatory Organizations must submit their Interim Financial Statements in PDF format through the SERI Platform within two (2) months following the close of the quarter; Audited Annual Financial Statements within three (3) months following the close of the fiscal year, complying with what is established in Article 32 of Agreement 7-2003 of July 4, 2003 (Periodicity of the submission of Financial Statements); however, Audited Financial Statements will continue to be delivered physically to the Superintendence of the Securities Market.

Regarding annual transaction reports, these will be submitted through the SERI platform in PDF format (Annual Globalized Transaction Report (Stock Exchange)) (Agreement 11-2013, Annex 1) and Annual Report of Securities Custodied by Securities Central, Form RVC-A (Agreement 11-2013, Annex 2) no later than January 15 of the following year.

We remind Self-Regulatory Organizations that information submitted to the Superintendence of the Securities Market through the SERI System constitutes a Declaration Under Oath, and any violation thereof is covered under Articles 251 and 254 of the Securities Market Law, whereby the submitted information must be truthful, accurate, and reflect the reality of operations.

The user for the self-regulated entities (Panama Stock Exchange and Latin American Securities Central) must be the Principal Executive and, in their absence, the Compliance Officer. However, the Principal Executive has the authority to delegate their operational users within the self-regulated entity for the preparation, drafting, and submission of the aforementioned forms.

Information replacements will only be permitted upon prior request and approval, in exceptional cases. These requests will only be received during the fifteen (15) business days following the expiration of the mandatory delivery deadline, following the information resubmission request procedure.

The instruction manual can be reviewed at the following link:
http://www.supervalores.gob.pa/files/SERI/Guias/Guia_SERI2_2017.pdf

LEGAL BASIS: Law Decree 1 of July 8, 1999, Agreement 7-2003 of July 4, 2003, Agreement 11-2013 of December 23, 2013.

Sincerely,

[Signature]

Loraine Chavarría de Sinclair
Acting Superintendent of the Securities Market

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