Regulatory Alerts2015-04-27
Reforms to the Securities Market Law adopted by Law 23 of April 27, 2015
The National Assembly of Panama enacted Law 23 of April 27, 2015, to prevent money laundering, terrorism financing, and the proliferation of weapons of mass destruction while amending the Securities Market Law. The legislation significantly expands the Superintendent's authority to supervise licensed entities, delegate functions, and enforce sanctions, while establishing strict protocols for international regulatory cooperation and information sharing. It also redefines the confidentiality of information held by the Superintendence, balancing public access with protections for trade secrets and sensitive data obtained through banking or foreign supervisory channels.
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