General Resolution JD-2-22 Extending the Deadline for Submission of Annual Audited Financial Statements and Annual Update Reports

Promulgated in the Official Gazette No. 29510 of April 5, 2022.

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REPUBLIC OF PANAMA
BOARD OF DIRECTORS
SECURITIES MARKET SUPERINTENDENCE

General Resolution SMV No. JD-2-22
Of March 21, 2022

"That extends until April 30, 2022 the deadline for the submission of annual audited financial statements by price-providing entities, entities with licenses issued by the Securities Market Superintendence and investment companies, as well as the deadline for the submission of the annual update report (IN-A) by registered issuers, whose original submission date expires on March 31, 2022"

The Board of Directors of the Securities Market Superintendence,

in exercise of its legal powers, and

CONSIDERING:

That Law 67 of September 1, 2011 reformed Decree Law 1 of July 8, 1999 and created the Securities Market Superintendence as an autonomous entity of the State, with legal personality, its own assets, and administrative, budgetary, and financial independence.

That the Board of Directors, in accordance with Articles 5, 6, 10 (items 1, 5, and 20), 19, and 20 of the Single Text of the Securities Market Law (hereinafter: Single Text), acts as the Highest Consultative, Regulatory, and Policy-Setting Body of the Superintendence and has among its attributes: to adopt, reform, and revoke agreements that develop the provisions of the Securities Market Law, as well as to issue resolutions of general application, which must be published in the Official Gazette and shall enter into force from their promulgation, unless the Board of Directors establishes another date.

That the Superintendence, by virtue of Article 3 of the Single Text, has the general objective of regulating, supervising, and auditing the activities of the securities market carried out in the Republic of Panama or from it, promoting legal certainty for all market participants and guaranteeing transparency, with special protection of investors' rights.

That for the supervision of securities market activities, the Single Text establishes the duty to report information to the Superintendence by its regulated entities, whether licensed or registered; additionally, it attributes to the Superintendence the determination of the form and periodicity in which such reports will be made, for which various Agreements have been adopted.

That, in this sense and through various Agreements adopted by this Board of Directors, the Superintendence implemented the Electronic System for Information Submission (SERI) as a means to comply with the periodic reporting of a series of reports by regulated entities.

That this Board of Directors, after evaluating the request presented by the Chamber of Securities Issuers of Panama and learning of the sector's concern, has taken into account the difficulties that regulated entities may have been or may be facing during the first months of the current year to timely and properly fulfill their annual audited financial statements and annual update reports (IN-A), such that the Superintendence has decided to extend the deadline for the submission of these reports.

That it is important to keep in mind the provisions of Article 251 of the Single Text, regarding the prohibition of making, or causing to be made, false or misleading statements in a report or in any other document presented to the Superintendence; without prejudice to the fact that this constitutes a very serious offense in light of Article 269 (item 1, letter e) of the Single Text.

Therefore, the Board of Directors of the Securities Market Superintendence, in exercise of its legal powers,

RESOLVES:

Promulgated in the Official Gazette No. 29510 of April 5, 2022.
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ARTICLE ONE: EXTEND until April 30, 2022 the deadline for the submission of annual audited financial statements by price-providing entities and entities with licenses issued by the Securities Market Superintendence, whose original submission date expires on March 31, 2022.
This extension also applies to the submission of the sworn declaration accompanying the annual audited financial statements.

ARTICLE TWO: EXTEND until April 30, 2022 the deadline for the submission of annual audited financial statements by investment companies and for the submission of the annual update report (IN-A) by registered issuers before the Securities Market Superintendence, whose original submission date expires on March 31, 2022.
This extension also applies to the sworn declaration that is part of the IN-A or that accompanies the annual audited financial statements.
The foregoing also applies to guarantors of registered issuers, who are in turn banks or subsidiaries or holders of bank shares.

ARTICLE THREE: CLARIFY that the provisions in Articles One and Two of this general resolution do not exempt regulated entities from the duty to immediately inform the Securities Market Superintendence of any material fact or relevant circumstance that affects or may affect the development or continuity of their operations or the interests or rights of investors or the requirements established by the Securities Market Law for the development of their activities, respectively.

ARTICLE FOUR: EFFECTIVE DATE. This resolution shall enter into force from its promulgation in the Official Gazette.

LEGAL BASIS: Articles 3, 5, 6, 10 (item 20), 19, and 20 of the Single Text of Decree Law 1 of July 8, 1999.

NOTIFY, PUBLISH, AND COMPLY,

(signed) (signed)
Luis Chalhoub Eduardo Lee
President of the Board of Directors Secretary of the Board of Directors, Ad Hoc.
/aatencio.