Regulation of the Securities Market in Panama

The challenges that the National Securities Commission must confront to comply with its mission of regulation and control of the Panamanian securities market.

Tuesday, February 24, 2009

Tagnia Shocrón, of, interviewed Julio Javier Justiniani, a former banker, who was recently appointed vice-president commissioner of the National Securities Commission.

Regarding the question, "Is the regulation that Panama relies on sufficient?," Julio Javier Justiniani answers:

"We are doing, at present, a review and for that we are working on various projects. One of them is the capital adjustment of the securities brokerages, which definitely is an important factor. Panama has been growing and there exists many agreements that the law permits. The regulatory framework of the CNV permits negotiations with the end purpose of going hand-in-hand with growth in activity. The world has changed drastically, speaking of the financial system, [and] practically in a blink of the eye, we have seen how the crisis has affected the markets."

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Changes in Market Regulation in Panama

October 2014

New legislation prevents operating as a stockbroker those entities who do not have a license issued by the Superintendency of Securities, among other changes.

In 2013, 11 agreements were approved, while so far this year five have been approved, which contemplate limits for exercising the office of broker or analyst.

New Securities Market Law for Costa Rica Under Consultation

December 2013

Direct access to trading platforms and the rise from 5% to 8% of the tax on mutual funds are some of the changes proposed by the bill.

The draft of the new bill, proposed by the National Council for Market Development, will be subject to public consultation with the stock market and financial sector from now until January 31, 2014.

Costa Rica: Stock Market Reforms Discussed

August 2011

The Chairman of the Central Bank believes that the regulations need to be modified.

As part of the ‘Jornada de Reflexión’ (Day of Reflection), organized by the National Stock Exchange in commemorating its 35th anniversary, a discussion took place on the major changes that need to be made to the market in order to make it suit the prevailing reality in global financial markets.

New Regulations for Panamanian Stock Brokers

April 2010

A new regulation, numbered 2-2010, changes the securities issue registry, making the securities registration process faster.

2-2010 makes it faster to register recurring issuers from recognized jurisdictions. Conaval, the national securities commission, must still thoroughly review the informative prospectus to ensure investors can understand the risks of each security.

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