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Regulation of Trading Platforms
The Superintendencia del Mercado de Valores (SMV) regulates trading platforms that trade securities and financial instruments, requiring them to obtain a licence from the authority. The regulation ensures compliance with applicable law and sets standards for transparency, fairness, and investor protection.
Key Requirements
- Obtain a licence from the SMV
- Compliance with applicable law
- Transparency, fairness, and investor protection standards
Clearing and Settlement
Clearing and settlement processes in Panama are primarily performed by the Banco Nacional de Panamá (Banco Nacional), which acts as a central clearing house. This process is supervised and regulated by the Superintendencia de Bancos y Seguros (SBP).
Key Players
- Banco Nacional de Panamá (central clearing house)
- Superintendencia de Bancos y Seguros (regulator)
Investment Advisers
Investment advisers are regulated by means of SMV Agreement 2-2003, which requires any person that provides investment advice in or from Panama to obtain a licence from the SMV. The agreement sets forth the requirements for registration and defines the scope of activities that fall within the definition of an investment adviser.
Key Requirements
- Obtain a licence from the SMV
- Registration requirements
- Scope of activities defined by the SMV Agreement 2-2003
Regulation of Collective Investment Schemes
Collective investment schemes are regulated by means of SMV Agreement 1-2005, which requires any person that offers collective investment schemes in or from Panama to obtain a licence from the SMV. The agreement sets forth the requirements for registration and defines the scope of activities that fall within the definition of a collective investment scheme.
Key Requirements
- Obtain a licence from the SMV
- Registration requirements
- Scope of activities defined by the SMV Agreement 1-2005
Regulation of Hedge Funds
Hedge funds are regulated by means of SMV Agreement 4-2007, which requires any person that offers hedge fund services in or from Panama to obtain a licence from the SMV. The agreement sets forth the requirements for registration and defines the scope of activities that fall within the definition of a hedge fund.
Key Requirements
- Obtain a licence from the SMV
- Registration requirements
- Scope of activities defined by the SMV Agreement 4-2007
Regulation of Private Equity Funds
Private equity funds are regulated by means of SMV Agreement 3-2009, which requires any person that offers private equity fund services in or from Panama to obtain a licence from the SMV. The agreement sets forth the requirements for registration and defines the scope of activities that fall within the definition of a private equity fund.
Key Requirements
- Obtain a licence from the SMV
- Registration requirements
- Scope of activities defined by the SMV Agreement 3-2009