The management of intangible assets such as reputation and brand, are a key part of good corporate governance.
The practice of good corporate governance should be a common rule for all types of enterprises, including family businesses, because it allows an increase in the availability and terms of securing financial resources and better agreements with other stakeholders.
In order to prevent a repetition of cases such as that of Financial Pacific, the Superintendency of Securities is preparing legislation which incorporates an obligation to comply with good corporate governance practices.
Although details of the proposal have not yet been released, the Superintendence authorities indicated that "... it is related to general corporate governance recommendations, such as having an audit committee, a risk committee, having an independent director, among other things.
From the merger of three former superintendents: Securities, Pensions and Financial System, emerges the strengthened SFF, which will focus on risk management.
The newly created Superintendency of the Financial System (SFF in Spanish), which encompasses the previous three superintendencies (securities, pensions and financial system) has started its first project, the creation of four new regulations aimed at financial risk.
The Superintendency of Securities in Panama has issued a fine of more than $300,000 for violations and administrative misconduct in the public offering of securities.
The highest fine recorded in the history of the Superintendency of Securities in Panama has generated high expectations, as now they are starting to resolve investigations which were pending and which may also lead to the possibility of criminal investigations.
Up to September 30th the Panamanian stock market reported $2.433 billion in new registrations, while in the same period of 2012 there were $1.913 billion.
According to the Superintendency of the Securities Market (SMV ) , the main registrations were the $650 million in corporate bonds issued by Tocumen International Airport SA to finance the expansion of the airport and the mortgage bonds issued by Global Bank Corporation in the amount of $500 million.
A bill has been presented to the Legislature which will regulate the use of inventories, intangible assets and other movable assets as security for financing.
A statement from the MEIC reads:
San Jose, February 7, 2013. In order to increase access to credit, particularly for SMEs, the financial sector, the private sector and the Government, with the help of international consultants, over the last few months have been working on the basis for a proposed Law on Secured Transactions.
Companies registered with the Superintendency of Securities and Exchange in Panama will have to comply with standards of good corporate governance.
The Superintendency of Securities (SMV) of Panama announced the topics that it has been working on with the Institute of Corporate Governance Panama (IGCP), to prepare companies selling products on the stock market to comply with the upcoming implementation of the Good Corporate Government, reported Critica.com.pa.
Construction companies, car sales companies and free zone companies are part of the list of entities whose activity will be controlled by the new Administration of Supervision and Regulation of Non-Financial Subjects.
The creation of the Administration for Supervision and Regulation of Non Financial Subjects is one of the requirements which the country must comply with as part of the process to get off the gray list of the Financial Action Task Force (FATF). The new regulator, led by Francisco Bustamante, also oversee the activities of "... pawn shops, casinos, exchange offices, corporations, savings and home loan societies, the National Lottery, companies engaged in marketing metals and precious stones, and security transport companies, among others. "
Limiting the debt of an issuer and an obligation to rate emissions are two of the requirements proposed by the regulator which have not been well received by the Panamanian securities market.
The proposal by the Superintendency of the Securities Market was subject to public consultation, and now "... these comments must be analyzed and classified, and in the upcoming board meetings they will be evaluated in an objective way," said the head of the institution, Marelissa Quintero.
Ongoing Emissions Report, Daily Report Movements, Movements and Historical Report, there are three new reports from the Superintendency of Securities.
An article on Crhoy.com reports that "... From Monday, the Superintendent of Financial Institutions (SUGEF) will have online information about the movements of the balances of emissions registered in the National Registry of Securities and Intermediaries, namely debt issues (bonds), equities and securities for participation of closed-end funds. "
Grupo Financiero Ficohsa launched a new branding strategy, unifying the Ficohsa brand in all the companies of the group.
Starting today, Ficohsa has adopted a unified corporate identity. Group members Interamericana de Seguros, Casa de Cambio Divisas Corporativas and Casa de Bolsa Probursa will be known as Ficohsa Seguros, Ficohsa Casas de Cambio and Ficohsa Casa de Bolsa.
Due to non payment of interest on an issue of corporate bonds to investors the Panama Stock Exchange is suspending trading of three bond issues by the Panamanian company RG Hotels.
On June 12, the securities issuing company reported in a statement that it is thoroughly analyzing its financial situation, and announced they will not pay interest to investors who bought corporate bonds.
The Nicaraguan financial company Finnancia Credit is to issue commercial securities in the amount of $5 million on the Panamanian market.
The Negotiable Commercial Securities (VCN by their initials in Spanish) will be issued in three series with terms of one year and will have an interest rate of 7% per annum for the first series, which was released on April 30 in the amount of $2 million.
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