Exhortation to the voluntary disclosure of the minimum amounts required for the opening of investment accounts

SMV
Superintendency of the Securities Market
Republic of Panama

Panama, 21 October 2026
Circular No. SMV- 31 -2026

Dear Sirs
Brokerage Firms
Panama City

REFERENCE: Exhortation to the voluntary disclosure of the minimum amounts required for the opening of investment accounts.

Dear Brokerage Firms:

The Superintendency of the Securities Market (SMV), in exercise of its legal powers and in accordance with its objectives of guaranteeing transparency in the securities market and the protection of investors' rights, exhorts Brokerage Firms to consider the incorporation, voluntarily and in their respective informative fee schedules, of the minimum amounts of money that, in accordance with their commercial policies, they require for the opening of investment accounts.

This Circular is based on article 3 of the Single Text of the Securities Market Law, as well as on the provisions of Agreement No. 5-2003 of 25 June 2003, relating to the rules of conduct, the transparency of the information provided to clients and the advertising of the fees for services provided by regulated entities.

In particular, articles 21, 24 and 26 of the aforementioned Agreement establish provisions on the advertising, clarity and availability of the informative fee schedules, aimed at facilitating public access to relevant information on the economic conditions of the services offered by regulated entities.

Likewise, Agreement No. 2-2011 of 1 April 2011 contemplates provisions relating to the informative fee schedule of Brokerage Firms and its availability to clients through the websites of said entities.

In this context, the Superintendency considers that the voluntary disclosure of the minimum amounts required for the opening of investment accounts constitutes a good practice that contributes to guaranteeing transparency in the securities market, insofar as it allows potential investors to know in advance the economic conditions of access to the services offered, compare the different alternatives available and adopt informed decisions.

It is clarified that this Circular is exclusively exhortative in nature and does not establish a new regulatory obligation of disclosure, nor does it modify the current requirements on the content of the informative fee schedules. Consequently, the decision to incorporate this information shall be voluntary and its omission shall not constitute, by itself, an administrative infraction nor give rise to the imposition of sanctions.

The Superintendency reiterates its commitment to guaranteeing the transparency of the securities market, as well as strengthening the confidence of the investing public and the proper functioning of the Panamanian securities market.

Legal basis: article 14, numeral 19, of the Single Text of the Securities Market Law.

Sincerely,

Maruquel Murgas de González
Superintendent
Superintendency of the Securities Market