Regulatory AlertsCircular SMV-1-2022: Exemption from Periodic AML/CFT Reporting for Managed Investment Companies
The Superintendence of the Securities Market of Panama issued Circular SMV-1-2022 to clarify reporting obligations following the enactment of Law 254 of 2021. The circular states that managed investment companies are not classified as financial obligated subjects under the amended Law 23 of 2015. Consequently, these entities are exempt from the periodic submission of self-assessment and operational questionnaires related to anti-money laundering and counter-terrorist financing.
[Logo SMV]
Panama, January 28, 2022 Circular No. SMV-1-2022
To: Compliance Officers Senior Executives Entities Regulated by The Superintendence of the Securities Market of Panama. City.
Reference: SUBMISSION OF THE SELF-ASSESSMENT QUESTIONNAIRE AND THE OPERATIONAL QUESTIONNAIRE FOR INVESTMENT COMPANIES MANAGED BY THIRD PARTIES
Respected Sirs:
In this instance, we refer to Law 254 of November 11, 2021, which introduces important modifications to Law 23 of April 27, 2015, and other related laws. In accordance with the above, Article 5 of said Law has modified numeral 2 of Article 22 of Law 23 of 2015, which now reads as follows:
Article 22. Financial Obligated Subjects. Financial obligated subjects are: ... 2. Supervised by the Superintendence of the Securities Market: self-regulated organizations, securities houses, investment managers, pension fund administrators, and severance fund administrators; self-administered investment companies; investment advisors; provider of administrative services for the securities market.
Taking into consideration that entities registered as managed investment companies do not form part of the financial obligated subjects supervised by the Superintendence of the Securities Market of Panama in matters of prevention of money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction, they shall not be required to periodically submit reports presented through the self-assessment and operational questionnaires.
For any additional inquiries, we remain at your disposal via the following email address: csmv@supervalores.gob.pa
Legal Basis: Single Text of Decree-Law 1 of July 8, 1999, Law 254 of November 11, 2021, Agreement 2-2019 of August 21, 2019.
Sincerely,
[Signature] Julio Javier Justiniani Superintendent
[Seal of the Republic of Panama - Superintendence of the Securities Market]
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