General Resolution JD-3-22 of September 14, 2022 Extending Exam Validity Until March 31, 2023 for Securities Broker, Analyst, and Executive Licenses

Promulgated in Official Gazette No. 29641 on October 11, 2022. 1 REPUBLIC OF PANAMA BOARD OF DIRECTORS SECURITIES MARKET SUPERINTENDENCE General SMV Resolution No. JD-3-22 Of September 14, 2022 “Recognizing an extended validity until March 31, 2023, for exams approved during the years 2020 and 2021, to apply for the securities broker and analyst, chief executive, or chief executive of investment administrator license, as a special and temporary measure”

The Board of Directors of the Securities Market Superintendence, in exercise of its legal powers, and CONSIDERING:

That Law 67 of September 1, 2011, amended Decree-Law 1 of July 8, 1999, and created the Securities Market Superintendence as an autonomous state agency, with legal personality, independent assets, and administrative, budgetary, and financial independence.

That the Board of Directors, in accordance with Articles 5, 6, 10 (items 1, 5, and 20), 19, and 20 of the Single Text of the Securities Market Law (hereinafter: Single Text), acts as the Highest Consultative, Regulatory, and Policy-Setting Body of the Superintendence and has among its attributes: to adopt, amend, and revoke agreements that develop the provisions of the Securities Market Law, as well as to issue resolutions of general application, which must be published in the Official Gazette and will take effect from their promulgation, unless the Board of Directors establishes another date.

That the Superintendence, by virtue of Article 3 of the Single Text, has as its general objective the regulation, supervision, and oversight of securities market activities conducted in the Republic of Panama or from it, promoting legal certainty for all market participants and guaranteeing transparency, with special protection of investors' rights.

That the Superintendence, through Agreement 05-2014 of October 1, 2014, adopted rules applicable to the procedure for obtaining and maintaining the securities broker and analyst, chief executive, and chief executive of investment administrator licenses, as well as the responsibilities that persons holding these positions and exercising the functions of the respective licenses must fulfill.

That Article 10 of Agreement 05-2014 of October 1, 2014, establishes that exams taken to qualify for the securities broker and analyst, chief executive, or chief executive of investment administrator licenses will be valid for 1 year, from the moment the approval is published in the exams section of the Superintendence's website. In this regard, once the corresponding exam is passed, the individual may apply for the respective license within a period of 1 year. Upon expiration of this period, without having submitted the respective application, the interested party must retake and pass the exam to apply for the license.

That in the year 2020, as is publicly known, sanitary and security measures were adopted to prevent and control the spread of the COVID-19 disease, which led to the temporary suspension of in-person public services by the Superintendence and, subsequently, to the temporary suspension of the administration of exams for obtaining the licenses described in the preceding paragraph. These sanitary and security measures and their effects have impacted the year 2021; therefore, the Superintendence has decided to recognize, in a special and temporary manner, an extended validity for exams approved during the years 2020 and 2021, taking into account the burdens or difficulties faced or potentially faced by those seeking to obtain any of the licenses described in the preceding paragraph, so that they have until March 31, 2023, to apply for the respective license before this Regulator.

Promulgated in Official Gazette No. 29641 on October 11, 2022. 2 In view of the foregoing, the Board of Directors of the Securities Market Superintendence, in exercise of its legal powers, RESOLVES:

ARTICLE ONE: RECOGNIZE, in a special and temporary manner, an extended validity until March 31, 2023, for exams approved during the years 2020 and 2021, to apply for the securities broker and analyst, chief executive, or chief executive of investment administrator license, with the purpose of complying with the duty established in Article 10 of Agreement 05-2014 of October 1, 2014. It is therefore clarified that any person who has passed these exams during the years 2020 and 2021 will have until March 31, 2023, to apply for the respective license before the Securities Market Superintendence. Upon expiration of this period, without the application having been submitted, the interested party must retake and pass the exam to apply for the corresponding license.

ARTICLE TWO: EFFECTIVE DATE. This general resolution will take effect from its promulgation in the Official Gazette.

LEGAL BASIS: Articles 3, 5, 6, 10 (items 18 and 20), 19, 20, and related provisions of the Single Text of the Securities Market Law.

NOTIFY, PUBLISH, AND ENFORCE, (fdo.) (fdo.) José Ramón García De Paredes Adriana Carles President of the Board of Directors, Ad Hoc Secretary of the Board of Directors. /aatencio.