Regulators

Panama Securities Market Supervisory Authority (SMV)

The Panama Securities Market Supervisory Authority SMV is a national agency established in 2011 to supervise issuers, investment companies, intermediaries, other parti...

Organization Profile

Institutional nature
The Panama Securities Market Supervisory Authority SMV is a national agency that maintains independence in terms of law, assets, administration, budget and finance.
Institutional History
The predecessor of the Panama SMV was the Panama National Securities Commission, which was established in 1970. On September 1, 2011, "Panama No. 67" stipulated the establishment of the Panama Securities Market Supervisory Authority SMV.
Institutional Functions
1) To promote the development of the securities market in Panama;
2) Responsible for securities registration for public offering and other mandatory registrations;
3) Issue licenses to regulated entities and registered objects;
4) Order the suspension of any activity that violates the Securities Act of Panama;
5) To formulate business guidelines and ethical norms that intermediaries must abide by;
6) Prescribe the form and content of financial statements and other financial information of companies registered with the Supervisory Authority;
7) Inspection and supervision of intermediaries;
8) initiate a class action;
9) Opinions and agreements to issue, adopt, revise and revoke the regulatory position of the Supervisory Authority;
10) Inspection and monitoring of pension, retirement and severance plans;
11) Issuance, suspension and revocation of retirement and pension fund manager licenses;
Regulatory Scope
Panama SMV regulates issuers, investment companies, intermediaries, other participants in the securities market, etc.

License Fee

License TypeLicense Fee (Panama Boa) Regulatory Fee (Panama Boa) Investment Company 2500500-5000 Stock Exchange and Other Exchanges 2500010000-100000 Clearing House 250005000-100000 Broker-Dealer 100005000-100000 Investment Consultant 50002500 Fund managers100005000Management service providers in the securities market100002500
Note: 1 Panamanian boa is about 6.8 yuan.

Example of punishment

1. Companies in the process of license cancellation, suspension, revocation and bankruptcy liquidation: http://www.supervalores.gob.pa/iper-smv/licencias-canceladas
2. Penalized companies: http://www.supervalores.gob.pa/iper-smv/multas-y-sanciones Penalty No. Resolution No. Date for Late Delivery of Reports and Financial Statements to Regulated Entity Legal or Regulatory Penalties (Panama Balboa) 1CNV‐196‐11 Late Delivery of Financial Statements June 3, 2011 Sociedad Inmobiliaria Balboa Agreement 5-2004 (Article 49), Agreement 8-200530002CNV‐237‐11 July 5, 2011 Late Delivery of Financial Statements of the Day Sociedad Inmobiliaria Balboa Agreement 5-2004 (Article 49), Agreement 8-20056003 CNV-377-11 Late Delivery of Financial Statements October 28, 2011 Vanderber Suisse Advantage Fund, Inc Agreement 5-2004 (Article 49 Article 5-2004 (Article 49), Agreement 8-2005150004 CNV-453-11 Delayed Delivery of Financial Statements of December 29, 2011 Mundial Global Diversified Fund, S. A Agreement 5-2004 (Article 49), Agreement 8-20051500 5SMV-70-12 3rd 2012 Late Delivery of March 5 Financial Statements CABEI Central American Fund Plc. Agreement 5-2004 (Article 49), Agreement 8-200516506SMV-71-12 Late Delivery of March 5, 2012 Financial Statements CABEI Central American Fund Plc. Agreement 5 -2004 (Article 49), Agreement 8-200530007SMV-72-12 Delayed Delivery of Financial Statements March 5, 2012 North American Income Fund Plc. Agreement 5-2004 (Article 49), Agreement 8-20051650

FAQs

1. Is it necessary to obtain a license issued by the Panama SMV to carry out investment consulting activities in Panama?
Yes, an investment advisor license is required.
2. What activities can an investment advisor carry out?
Advising others on securities price determination, holding, buying and selling securities and other financial instruments;
Prepare and publish financial research and reports on securities and other financial instruments;
Provide advice on foreign exchange and recommend clients to open investment accounts with domestic or foreign brokerage companies;
Manage client investment accounts and transmit orders to brokerage firms under client authorization, but cannot maintain escrow accounts.
3. What are the requirements for obtaining an investment advisor license?
1) Satisfy the requirements on administration, finance, technology and personnel, and formulate internal company regulations;
2) Comply with the requirements for licenses and business operations in the Securities Law of Panama;
3) To ensure that directors, officers and employees comply with the requirements of Panama regulations;
4) In the case of a natural person, the requirements set forth in Article 78 of the Panama Securities Law shall be complied with.
5) Have at least two permanent residents of Panama and have the right to receive administrative and judicial notices on behalf of the regulated entity;
6) Have a physical office in the Republic of Panama;
7) Submit the necessary information and documents.

Related Links

Panamanian Banking Supervisory Authority SBP: https://www.superbancos.gob.pa/es

Contact information

Address: Panamá, Ciudad de Panamá, Calle 50, Edificio Global Plaza Piso 8
Tel: +507 501 1700
Fax: +507 501 1709
Email: [email protected]

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