The Superintendency of Securities in Panama
The transition of the Comisión Nacional de Valores (National Securities Commission) to the new entity has been affected by administrative and legal difficulties which are causing confusion.
Friday, May 11, 2012
The process is suffering from legal and administrative complications in the absence of a regulation in the new law regulating the securities market, which has led to administrators not making decisions nor responding to consultations, among other problems.
New legislation prevents operating as a stockbroker those entities who do not have a license issued by the Superintendency of Securities, among other changes.
The International Organization of Securities Commission has suspended the country's right to vote as a member because it has not yet signed the agreement to provide information on stock market investigations.
The challenges that the National Securities Commission must confront to comply with its mission of regulation and control of the Panamanian securities market.
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.
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