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.

"Neither the Superintendent, Alejandro Abood, nor the two commissioners, nor managers dare to make any decisions that might lend themselves to questioning", reported

Another factor is that the Board of the superintendency has not yet been sworn in.

More on this topic

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).

Regulation of the Securities Market in Panama

February 2009

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

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

Panama: In 2013 There Will be $1.5 billion in Issued Securities

May 2013

With the industrial sector leading the way, Panamanian companies are increasingly going to the local stock market for their financing.

"According to the registry of the Superintendency of Securities Market (SMV), up to early May there were $440 million in securities belonging to different companies, and another $1.033 billion were in the process of being registered," noted an article in

Panama: El Alto Hydroelectricity Station to Issue $90 million in Bonds

May 2014

Hydro Caisán requested permission for its second corporate bond issue which it aims to use to restructure liabilities.

After having completely placed a $130 million bond issue in 2012, the company Hydro Caisán, SA has asked the Superintendency of Securities (VPS) for approval for a new issue of up to $90 million, with the aim of paying off in advance the existing bonds of Generadora Pedregalito, S.A.

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