General Resolution JD-1-22 Extending the Supervision Fee Payment Deadline

Promulgated in Official Gazette No. 29464 on January 27, 2022.

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REPUBLIC OF PANAMA
BOARD OF DIRECTORS
SECURITIES MARKET SUPERINTENDENCE

General Resolution SMV No. JD-1-22
Of January 12, 2022

"That it extends the date for the payment of the supervision fee to the Securities Market Superintendence, payable by natural persons with issued licenses, investment advisors, investment managers, price-providing entities, risk-rating entities, securities houses, stock exchanges, and clearinghouses, as a special and temporary measure in view of the volume of pending payments to be received in January 2022 and the protection measures that the Superintendence has adopted with its work team, which regulated entities might also be adopting, given the recent infection rates from COVID-19"

The Board of Directors of the Securities Market Superintendence,

in exercise of its legal powers, and

CONSIDERING:

That Law 67 of September 1, 2011, reformed Decree-Law 1 of July 8, 1999, and created the Securities Market Superintendence as an autonomous state body, with legal personality, its own 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, reform, 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 enter into force from their promulgation, unless the Board of Directors establishes another date.

That the Superintendence, by virtue of Article 3 of the Single Text, has the general objective of regulating, supervising, and auditing the activities of the securities market developed 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 Article 24 of the Single Text¹ determines as part of the assets and revenues of the Superintendence the fees it collects, in accordance with what is provided in the Securities Market Law. Subsequently, Article 26 of the Single Text² prescribes the supervision fees, the annual payment of which is the responsibility of persons with registration or licenses issued by the Superintendence.

That the Superintendence, through Agreement 11-2013 of December 23, 2013, established the criteria for the form and dates of payment of registration and supervision fees, the provisions of which are applicable to subjects regulated and supervised by the Superintendence, as well as to any person requesting a registration or license from the Superintendence, as determined by Article 1 of said Agreement.

That Article 6 of Agreement 11-2013 of December 23, 2013, establishes that natural persons with licenses issued by the Superintendence, as well as investment advisors, investment managers, price-providing entities, and risk-rating entities, will pay the annual amount of the supervision fee for the current year within 30 calendar days of the month of January of that same year.

That Articles 7 and 10 of Agreement 11-2013 of December 23, 2013, establish that securities houses, stock exchanges, and clearinghouses will pay, no later than January 30 of the following year, the supervision fee corresponding to the last quarter.

That internally within the Superintendence, it was evaluated and decided to extend until February 15, 2022, the date for the payment of the supervision fee by the regulated entities described in the previous paragraphs, as a special and temporary measure in view of the volume of pending payments to be received in January 2022 and the protection measures that the Superintendence has adopted with its work team, which

1 As modified by Law 66 of December 9, 2016.
2 Ibid.

Promulgated in Official Gazette No. 29464 on January 27, 2022.
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regulated entities might also be adopting, given the recent infection rates from COVID-19.

In merit of the above, the Board of Directors of the Securities Market Superintendence, in exercise of its legal powers,

RESOLVES:

ARTICLE FIRST: EXTEND until February 15, 2022, the date for the payment of the supervision fees to the Securities Market Superintendence, payable by natural persons with issued licenses, investment advisors, investment managers, price-providing entities, risk-rating entities, securities houses, stock exchanges, and clearinghouses, as a special and temporary measure.

The Securities Market Superintendence will adopt the measures contemplated in the Securities Market Law to guarantee the payment of these supervision fees.

ARTICLE SECOND: VALIDITY. This general resolution will enter into force from its promulgation in the Official Gazette.

LEGAL BASIS: Articles 19 and 20 of the Single Text of the Securities Market Law,
Article 1 of Agreement 11-2013.

NOTIFY, PUBLISH, AND COMPLY,

(signed) (signed)

Luis Chalhoub Adriana Carles
President of the Board of Directors Secretary of the Board of Directors

CBravo/EPerea/Treasury Dept./aatencio.