Regulatory Alerts2017-09-20
Agreement 07-2017 Exempting Securities Offerings by Financial Entities in Reorganization from Public Offering Registration
The Superintendency of the Securities Market of Panama issued Agreement 07-2017 to exempt securities offerings by financial entities in reorganization, their affiliates, controlling entities, or prospective buyers from public offering registration requirements. This exemption applies only if the securities are issued solely in exchange for clear, liquid, and exigible obligations and if the offering prospectus contains specific mandatory warning legends. Investors acquiring these exempt securities cannot invoke the protection of the Securities Market Law, and issuers must notify the Superintendency within fifteen days of the offering.
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