Regulatory Alerts2024-11-07
Agreement 7-2024 Exempting Securities and Financial Instruments from Registration for Secondary Market
The Superintendency of the Securities Market of Panama issues Agreement 7-2024 to exempt securities and financial instruments issued under U.S. Rule 144A or Regulation S from mandatory registration for secondary market listing. This exemption allows these instruments to be traded on Panamanian stock exchanges while placing information disclosure responsibilities on the exchanges themselves rather than the regulator. The agreement mandates specific investor warnings in offering documents and requires exchanges to notify the Superintendency upon admission to trading despite the registration exemption.
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