Circular 29-2026: Update of Shareholder, Beneficial Owner, Director, and Officer Information for Financial Entities Supervised by the Securities Market Superintendence

[Logo: SMV Superintendencia del Mercado de Valores República de Panamá]

Panama, October 13, 2026.
Circular SMV-29-2026

To:
Compliance Officers (Investment Advisors; Investment Managers; Administrators of Retirement, Pension, and Severance Funds (AFPC); Self-Regulatory Organizations; and Self-Administered Investment Companies) Panama City

Subject: Update of shareholder, beneficial owner, director, and officer information for financial entities supervised by the Securities Market Superintendence.

The Securities Market Superintendence, exercising the powers conferred as a supervisory body by Law 23 of April 27, 2015, and in accordance with Articles 20, 26, 28, and 29 of said Law, requests that financial entities subject to obligation with licenses as Investment Advisors; Investment Managers; Administrators of Retirement, Pension, and Severance Funds (AFPC); Self-Regulatory Organizations; and registration as Self-Administered Investment Companies, complete the template that will be sent to them via a unique and exclusive link for each subject to obligation. This template will be sent to the Compliance Officer via email before November 1, 2026.

Through said link, the subjects to obligation must upload the duly completed template, as well as the corresponding supporting documentation for the information reported regarding their shareholders, beneficial owners, directors, and officers. The duly completed template must be submitted to this Superintendence via the link within the period from November 1 to November 30, 2026.

This information will be used exclusively to strengthen the supervision processes developed by the Directorate for the Prevention and Control of Illicit Operations, under a risk-based approach, allowing for updated and standardized information for the adequate identification of persons linked to financial entities subject to obligation, optimizing monitoring and analysis processes, and reducing the occurrence of false positives in checks conducted against national and international sanction lists, politically exposed persons, and other control lists used by this Superintendence.

The information provided will be treated with strict confidentiality and used solely for the exercise of the legal supervisory functions attributed to the Securities Market Superintendence. Its processing and safeguarding will be carried out in accordance with the duty of confidentiality applicable to information obtained by the supervisory body in the exercise of its functions, as well as in conformity with Law 81 of March 26, 2019 on the Protection of Personal Data, and other applicable legal provisions.

Sincerely,

[Signature]
Maruquel Murgas de González
Superintendent

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, Rep. of Panama