The law firm that was involved in the "Panama Papers" scandal has announced the closure of its operations.
"...Reputational deterioration, the media campaign, the financial encirclement and the irregular actions of some Panamanian authorities, have caused irreparable damage, whose obligatory consequence is the total cessation of operations to the public at the end of this month after 40 years of growth and contributing socially, culturally and economically to our country."
Trading volume last year reached $1.526 billion, 30% more than what was traded in 2015.
The repo market accounted for most of the volume traded in the stock market in 2016, with an increase over 2015 of 33%.The volume traded in these instruments was 382 million, while in 2015 $289 million was traded.
The market regulator is preparing rules for a new type of short-term investment fund, which will be available before July.
The Superintendency of Securities (Sugeval) in Costa Rica announced that it will add to its portfolio an investment fund focused on very short term securities which are low risk and high liquidity, reported El financierocr.com. This new instrument will be approved in the first half of 2016.
The Superintendency of Securities could be adjusting the rules on issues such as brokerage fees for services or the requirement to present a risk rating to issue securities.
Presenting a risk rating for both private and state titles, the ability to raise fees paid by brokerage companies on the market, or the newly required ones aimed at meeting the requirements to combat money laundering could be some of the changes in the rules governing the stock market in Panama.
During the year 28 new issues were registered, worth $1,868, which is an increase of 8.6% compared to 2014.
Panama Stock Exchange Annual Summary :
During that year, the corporate sector continued to have a leading role in this market, with 72.3% of total volume traded, which closed with an amount of US $5,246.9 million, a volume which in turn maintained almost the same level as in 2014 (US $5,256.2 million).
Authorization has been given to the Ministry of Finance to issue securities on the local stock market for an amount up to $1 billion to finance part of the 2015 budget.
From a statement issued by the Government of Panama:
The Cabinet has endorsed the decree authorizing one or more issues of Securities of the State and their placement in the local capital market for an amount up to $1 billion in order to partially finance the resource requirements of the General State Budget for the fiscal year 2015 and other fiscal years and for the execution of liability management operations.
The Panamanian company whose emissions were suspended in September 2014, has amended the terms of its bonds for $8 million, extending the deadline to 2019 and agreeing to pay principal and interest in tracts.
From the resolution issued by the Superintendency of Securities:
"... Single Article: The amendment to the terms and conditions of the issuance of corporate bonds for an amount of $8 million, approved by Resolution No.
The Panamanian Association of Business Executives is proposing regulating cooperatives, pawn shops and casinos, signing the memorandum of IOSCO, creating a new law on money laundering and strengthening the Financial Analysis Unit.
During the second business forum called 'gray lists: Check Mate for Panama?', the Panamanian Association of Business Executives unveiled their proposals, action lines and suggestions for improving the conditions of the country and getting off the "gray list" it has recently been included in.
The Ministry of Finance plans to issue before the end of the year the balance remaining on the $1,150 million in bonds approved by Congress in May.
Amid criticism from the opposition and the private sector over the continued increase in public debt, the government is preparing for the end of the year the issuance of $350 million, the remainder of the $110 million which was requested and approved by Congress in May.
The two nations have been included in the list of countries with deficiencies in the fight against money laundering and terrorist financing.
The Financial Action Group, assigned to the Organization for Economic Cooperation and Development noted that Panama and Nicaragua are in breach of the recommendations that the agency provides to improve controls for preventing money laundering in the financial system.
The main reference rate for loans and investments has gone up for the second week running, from 6.85% to 6.90%.
The Central Bank of Costa Rica has reported that the passive base rate, an indicator of the average interest rates giving by financial institutions for periods of 150 to 210 days, has gone up from 6.85% to 6.90% and will maintain this level for until at least 11 June.
In order for the Law on Secured Transactions to be put into effect in practice, the Secured Transactions Registry together with its regulations needs to be implemented.
The new Registry will be part of the National Registry Center (CNR), it will be public and will operate as an electronic platform, a system that facilitates the registration of garments and filling out forms so that secured debtors can have a personal account.
Taking into account stable macro economic variables at the national and the global level, the Bank of Guatemala has decided not to change the policy leader rate, the main reference for interest rates in the country.
From a statement issued by the Bank of Guatemala (BANGUAT):
THE MONETARY BOARD KEEPS MONETARY POLICY LEADER INTEREST RATE AT 4.75%
The reference rate for loans and investments in the country will stand at 6.85% until at least June 4.
The Central Bank of Costa Rica reported that the passive base rate, an indicator of the average rates given by financial institutions on savings for periods of between 150 to 210 days, has gone up up from 6.75% to 6.85% and will stay at this level at least until June 4.
In the first three months of the year $1.350 million worth of securities were traded, up from $1.057 million traded in the same period in 2013.
Increased purchases of securities in the first quarter of 2014 "were made by BG Valores ($230.09 million), Prival Securities ($228.88 million), Banco Nacional de Panama ($195.62 million), MMG Bank Corporation ($142 55 million) and Citivalores ($126.06 million) ...
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