Circular 02-2018: Submission of Compliance Forms F-1, F-2, and Single Chart of Accounts for Investment Advisors and Administrators under Agreement 8-2017

[Logo: SMV Superintendencia del Mercado de Valores]

Panama, January 23, 2018 Circular SMV-02-2018

To: Compliance Officers City.

Subject: Submission of Compliance Forms F-1 and F-2 based on Agreement 8-2017 of December 27, 2017 “Which adopts the Single Chart of Accounts for Investment Advisors, establishes the forms that must be presented by financial subjects obligated to be supervised by the Superintendencia del Mercado de Valores for the purposes of effective supervision”

Respected Gentlemen:

On January 5, 2018, the referenced regulatory agreement was published in the Official Gazette, through which the use of the following forms is established:

• Compliance Form F-1, which corresponds to the risk matrix of the obligated financial subject, establishing that its submission must be made no later than the 15th day of the month following the end of the semester.

• Compliance Form F-2, which corresponds to the information of the final beneficiary (clients) of the obligated financial subject, which must be sent no later than the 15th day of the month following the end of the semester.

• Both forms are published on the official website of the Superintendencia del Mercado de Valores in the SERI section at www.supervalores.gob.pa

The first official submission of the aforementioned forms corresponds to the semester ending on June 30, 2018, and therefore must be sent no later than July 15, 2018. Hereafter, as indicated by the Agreement, the forms must be sent no later than the 15th day of the month following the end of each semester.

Sincerely,

[Signature] Marelissa Quintero de Stanziola Superintendent

/drt

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, Republic of Panama