Regulatory Alerts1999-07-08
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Law 11 of 2002 Amending Articles 17 and 18 of Decree-Law 1 of 1999 Regarding Registration and Supervision Fees
This law amends Articles 17 and 18 of Decree-Law 1 of 1999, establishing new registration and annual supervision fees for various entities and activities regulated by the National Securities Commission in Panama. Registration fees are set for public offerings (0.015% of initial price, min B/.500, max B/.50,000), stock exchanges (B/.10,000), brokerage houses (B/.5,000), investment advisors (B/.1,000 for legal entities, B/.500 for natural persons), and other market participants. Annual supervision fees for registered securities are 0.010% of market value (min B/.500, max B/.15,000 per issue), with specific percentages and fixed amounts for stock exchanges, central securities depositories, brokerage houses, investment advisors, and investment companies. The National Securities Commission is empowered to impose surcharges for late payments, and the Executive Body may reduce fees if they consistently exceed the Commission's operational costs.
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