[SMV Logo] SMV 20 Years Promoting safety, trust, and transparency Superintendence of the Securities Market Republic of Panama

Panama, February 14, 2020 Circular No. SMV-1-2020

Gentlemen: Chief Executives and Compliance Officers City.

<u>Reference:</u> RISK MANAGEMENT SELF-EVALUATION QUESTIONNAIRE FOR SECURITIES HOUSES, INVESTMENT ADMINISTRATORS, AND PENSION AND SEVERANCE FUND ADMINISTRATORS

Dear Sirs:

In order to feed the new Risk-Based Supervision tool for the prudential area, it is necessary to obtain qualitative information from the regulated entities mentioned above; for this purpose, Chief Executives and Compliance Officers must complete the self-evaluation questionnaire available on the Superintendence's website.

For guidance purposes, the following instructions must be followed to obtain the file and submit it successfully:

1. The regulated entity must access the institution's website: http://www.supervalores.gob.pa/, and navigate to the "Intermediary Supervision Directorate" section, where they will find the file under the "Questionnaire - Self-Evaluation" link. From there, they can access the corresponding file according to their license type.
2. Once the questionnaire is completed and supporting documentation is attached (manuals, regulations, methodologies, and others), each file must be named using the following format:
   • Securities Houses must use the code CV, adding the respective entity's name and the file name (e.g., CV-Valores, S.A. + file name).
   • Investment Administrators must use the code ADMI, adding the respective entity's name and the file name (e.g., ADMI-Administradora, S.A. + file name).
   • Pension and Severance Fund Administrators must use the code AFP, adding the respective entity's name and the file name (e.g., AFP-Pension Funds, S.A. + file name).
3. The obligated entity must submit each file through the "SAVE and CLOSE" link.

For better understanding, an illustrated guide detailing the steps to access and upload the file to the website is attached to this circular.

The deadline to respond to the questionnaire is thirty (30) calendar days, counted from February twenty-seven (27), two thousand twenty (2020) to March twenty-eight (28), two thousand twenty (2020).

For any additional inquiries, we remain at your disposal at the following email address: autoevaluacionsbr@supervalores.gob.pa.

Sincerely,

[Signature] Julio Javier Justiniani C. Superintendent

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Document Upload Process to the Website, "Intermediary Supervision" Section on Self-Evaluation Questionnaires

QUESTIONNAIRES

First, access the website www.supervalores.gob.pa, then navigate to the left-side menu on the page and click the "Intermediary Supervision" link

• About the SMV
• Financial Statements and Update Reports
• Statistics
• Anti-Money Laundering Prevention
• Intermediary Supervision
• SMV Examinations
• Transparency
• Investor Alert
• Join the SMV

Upon entering the section, the following screen will be displayed:

Intermediary Supervision Regulations Contact Us Self-Evaluation Questionnaire

Once on this screen, click the "Self-Evaluation Questionnaire" link, and the following screen will open:

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Self-Evaluation Questionnaire

Self-Evaluation Templates

• Securities Houses
• Investment Administrators
• Pension and Severance Fund Administrators

Document Submission:

Click here to enter the document [Floppy Disk Icon]

To download the templates, simply click on the link:

Self-Evaluation Questionnaire

Self-Evaluation Templates

• Securities Houses
• Investment Administrators
• Pension and Severance Fund Administrators

Once the questionnaire contains the required information, proceed to rename the template according to the instructions indicated in Circular SMV No. 1 for the file name, and then submit the document via the indicated link.

Document Submission:

Click here to enter the document [Floppy Disk Icon]

Access the link, fill in the fields, and the file to upload must not exceed 8MB.

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Details TITLE: [Text Field] Upload a file | Submit a link UPLOAD A FILE: [Select File] No file selected Description: [Text Field]

[Button: SAVE AND CLOSE]

Then proceed to click the "Save and Close" button.

Details TITLE: Questionnaire_1 Upload a file | Submit a link UPLOAD A FILE: [Select File] QUESTIONNAI...052019.pdf Description: Questionnaire No. 1

[Button: SAVE AND CLOSE]

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