The Superintendence of the Securities Markets adopts new regulation on recognized jurisdictions

Regulation 3-2013 dated 29 May 2013 has been issued by the Superintendence of the Securities Market of Panama for purposes of the application of article 49 of the Securities Law, which allows for the recognition of foreign jurisdictions with laws and regulations which provide substantially equal or better degree of protection to investors and regulatory entities that adequately oversee the fulfillment of said foreign legal regime of the securities industry.

Such recognition applies to the validity of registration of securities undertaken in these foreign jurisdictions to permit the public offering of securities or their listing in Panama and to the possibility that Panamanian broker dealers maintain affiliation relationships with foreign broker dealers authorized to operate in any of these recognized countries.

The recognized jurisdictions are the following (in alphabetical order):

1.      Argentina
2.      Australia
3.      Belgium
4.      Brazil
5.      Chile
6.      Peoples Republic of China
7.      France
8.      Germany
9.      Hong Kong
10.    India
11.    Italy
12.    Japan
13.    Korea
14.    Malaysia
15.    Mexico
16.    Morocco
17.    The Netherlands
18.    Nigeria
19.    Pakistan
20.    Portugal
21.    Provinces of Quebec and Ontario (Canada)
22.    Romania
23.    Singapore
24.    South Africa
25.    Spain
26.    Switzerland
27.    Trinidad & Tobago
28.    Turkey
29.    United Kingdom
30.    United States of America