New Rules for Stockbrokers

The Superintendency of the Panama Stock Exchange is preparing a regulation that prevents people with certain licenses from holding the same positions in more than one entity.

Monday, September 1, 2014

The regulation was submitted to consultation by the Superintendency of Securities and Exchange in Panama and received several proposed changes, mainly from the Panamanian Chamber of Capital Markets (Capamec), which believes that "... by limiting 'licensing of natural persons in the same institution they are forcing institutions with small operations to hire outsiders to fill that position, if they dont have a replacement as referred to by the article.'"

"... The bill also provides that the licenses issued will be for: Licenses for brokers and analysts, Licenses for CEO's and chief investment management licenses ... The natural person may only hold one of these posts, in order to have a second responsibility they must have prior approval from the SMV, provided they are institutions or organizations which are under one administration or when the person holding the office is absent for a period not exceeding 45 calendar days. "



More on this topic

Investments in Stock Market Up 11%

August 2018

In Panama, the portfolio managed by brokerage firms totaled $35,577 million at the end of the first half of the year, 11% more than was registered in the same period in 2017.

According to the Superintendency of the Securities Market, of the total portfolio, 43% correspond to bonds, another 27% of the assets belong to common shares, and 21% is made up of other securities. 

Panamanian Stock Market Could Be Out of Iosco

March 2014

The International Organization of Securities Commissions is demanding regulatory approval so that the country will not be excluded from the international money market.

The stock market has a need for exchange of information in order to comply with the International Organization of Securities Commissions (IOSCO), which requires its members to have a mechanism to determine who is the beneficiary of a transaction.

Implementation of Financial Supervision Criteria Suspended

January 2013

The new reporting requirements for minimum capital adequacy and liquidity for securities firms will have to wait for the resolution of inconsistencies in its application.

Prensa.com reports that "The entry into force of the agreement of April 2011, which permanently raises the minimum capital requirement of $150,000 for brokerage firms to $250,000 and establishes new reporting forms, was originally planned for July 1, 2012. "

Vitality of Stock Market in Panama

November 2012

In the past seven years the number of brokerage houses and investment managers operating in the country has doubled, going from 35 in 2005 to 78 November 2012.

The challenge for next year is for better regulation and market supervision by the regulator, the Superintendency of Securities (VPS).

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