On August 30, the head of the Superintendency of the Securities Market (SMV), Marelissa Quintero, announced in the last hours the intention of the institution to modify the Securities Market Law (1999). Specifically, the entity intends to incorporate provisions related to new financial technologies that the institution currently does not supervise. In this regard, Quintero invited the Ministry of Economy and Finance (MEF) to prepare a bill consensuated with the financial sector.
On the other hand, Quintero highlighted the growth of the stock market in Panama in the recent years. According to Quintero, the main factors supporting this positive performance are the geographical location of the country and the existence of a banking market that complies with international transparency standards. “As a country, we have to enter into a deep analysis to modernize our securities market law, which is 20 years old,” said the official when talking about the need to supervise the new financial platforms.
Quintero’s words come in addition to the statements of the Superintendent of Banks of Panama (SBP), Ricardo Fernandez, who had stressed that the SBP is working on a regulation of financial technologies, although more directed at the regulation of the sandbox, a mechanism isolated from the network to run tests of programs with security.