Panama: Securities markt
From Handelswijzer Midden-Amerika
Panama's securities market is mainly composed of the Bolsa de Valores de Panamá - BVP (Panamanian Stock Exchange), 34 securities companies, ten investment advisers, 13 investment company managers, two pension fund and complementary private pension fund managers and one securities exchange. All the foregoing must receive a licence from the Comisión de Valores – CNV (National Securities Commission) before they can operate and are subject to its supervision and control. They are also five risk assessors, which also require prior registration. Banking institutions, funds (investment companies) and companies with private capital issue securities on the Panamanian market. The amount traded in the Panamanian Stock Exchange during 2006 was US$2,243 million. The market's total capitalization at the same date was US$9,935 million, equivalent to 64 per cent of the GDP, of which US$7,127 million corresponded to capitalization of the shares market.
Decree Law No. 1 of 8 July 1999 and the agreements issued by the CNV in order to implement it regulate the securities market as a whole. The Law provides that prior authorization by the CNV is required before securities issued by private companies and joint ventures can be offered to the public. Other laws regulating the securities market include Law No. 10 of 16 April 1993, establishing incentives for setting up funds for retirement, pensioners, pensions and other benefits, and Law No. 42 of 2 October 2000 establishing measures to prevent money laundering. All securities listed on the Panamanian Stock Exchange, public offering of securities by an issuer and shares of issuers domiciled in Panama with 50 or more shareholders that are the actual owners of at least 10 per cent of the issuer's paid-up capital must be registered with the CNV.
The CNV is the controlling body for Panama's securities market. It grants licences and keeps the register of securities brokers, principal directors, analysts, advisers and investment managers. It is also the regulatory and supervisory body for private pension and retirement schemes.65 The CNV has signed memorandums of understanding on cooperation and regulation with ten regulatory bodies and one self-regulating entity.66 It recognizes the validity of registration of securities in jurisdictions recognized by Panama and has declared exempt from registration securities issued by States or jurisdictions declared to be recognized jurisdictions.
Bron: Organization of American State's Foreign Trade Information System (SICE)
