Circular 18-2026: Update of Regulatory Forms and Reports - DS12: Additional Information on Assets Under Administration by Securities

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Panama, July 21, 2026. Circular No. SMV - 18 - 2026.

Gentlemen Compliance Officers Securities Houses Panama City

REFERENCE: Update of Regulatory Forms and Reports — DS-12.

Dear Sirs:

With the objective of strengthening supervision mechanisms and improving the quality of information reported by regulated entities, we inform you that updates have been incorporated into the following regulatory forms and reports, which will enter into effect upon the submission of reports corresponding to September 2026, with a delivery deadline of October 15, 2026:

DS-12 — Client List

The "Additional Information" section, titled "Assets Under Administration by Securities," is added. This new section allows reporting, at the security level, the details of assets under administration per client, including: account number, client code, client type, nationality, description and identification of the security, market value, type of security, sector and destination of the issuer, custodian, and fund manager.

The updated forms will be available on the institution's website: section > SERI > SERI Forms > [corresponding section] > Forms (CSV Templates).

For inquiries, the contact persons from the Superintendency of the Securities Market are: soporte@supervalores.gob.pa or directly to your assigned Inspection Officer (OIA).

Sincerely,

[Signature] Maruquel Murgas de González Superintendent of the Securities Market

/ma

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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