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COVID-19: Measures Adopted by the SMV Regarding Regulated Entities
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Panama, May 4, 2020. The Superintendence of the Securities Market (the “SMV”) has implemented measures that allow its regulated entities to continue with their financial activities that, in accordance to the Executive Decree No° 507 of 24 March 2020, are exempted from the measures adopted by the Executive Branch for the COVID-19 pandemic. Remote Working In accordance to General Resolution SMV No. JD-2-20 of 16 March 2020, issued by the Board of Directors of the Superintendence of the Securities Market (the “SMV”), it was resolved to inform that the modality of remote working can be implemented by the regulated entities that have license or registry issued by the SMV, for the compliance with established requirements in adopted Agreements, respectively. The regulated entities that adopt this modality of work shall (i) inform to their clients and the SMV to the email address: [email protected], (ii) guarantee the development and continuity of the operations and attention to their clients, and (iii) apply the relevant measures to preserve the confidentiality and integrity of their clients’ information. Inspection and Supervision Measures In virtue of Announcement No. 7 of 1 April 2020, the SMV informed the following:
Preventive Measures By means of Announcement No. 9 of 7 April 2020, the SMV recognizes that the situation that is faced by our country due to COVID-19 virus, as well as the rest of the World, has forced companies to perform their activities in a different form than usual. Having the stock market industry an important role through its stock exchanges and intermediaries in the different jurisdictions where they operate, the SMV recommends to brokerage houses to take the following measures:
The SMV reiterates to its regulated entities to take into account these provisions already known, and, in particular, to apply additional checks that the present situation requires (state of emergency/quarantine), in order to operate and make its daily functions based on new working modalities, which in no case exempts the brokerage houses to comply with established laws and regulations.
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