Capital Market

ICAZA, GONZÁLEZ –RUIZ & ALEMÁN, has professionals with extensive experience in regulatory matters and practice in the licensing processing of Broker-dealers Houses, Investment and Private Pension Administrators, Investment advisors and legal consultancy for the formalities of securities issuances to be offered in the Stock Exchange in the Republic of Panama, as well as the formalities of private placements.

We also provide advice for intermediaries in queries related to the operation and the legislation in force, we support the client in the prudential supervision stage, both ordinary and extraordinary, as well as in legal audit of dossiers in order to provide a reasoned criterion of compliance of the wide legislation in force. 

The Securities market is a very specialized subject, reason why the team assigned to you has the training and experience to support clients who request timely, proactive and accurate advice.


The Republic of Panama has an international financial market, which comprises the banking sector, securities market and the insurance and reinsurance sector. 

While it is true that the banking sector has a consistent development, the securities market has been giving accurate steps for both regulation and operation.

By means of Decree Law No. 1 of 1999, the National Securities Commission was created as the regulatory entity for the sector, and in 2011, an important amendment in its structure was made by setting-up the “Superintendence of the Securities Market” as the governing entity.   

Afterwards, in 2011, Law 67 was passed and the regulations applicable to both the issuers and the intermediaries of the Securities Market were updated, being the main modifications the inclusion of new legal concepts such as the regulated trading of Forex through broker-dealer houses, as well as new participants in said market such as prices suppliers, suppliers of managing services of the Securities market and the Over-The-Counter Market, among others.

The most important part of all the above-mentioned is that together with the self-regulated organizations (Stock Exchange and Securities Central), and broker-dealer houses, investment advisors, investments and private pension administrators, registered issuers, rating agencies, issuers and further intermediaries regulated, a strong structure of participants in the Securities Market is established, characterized by the performance of transactions in or from Panama.

Together with the foregoing, the legal amendment introduces mechanisms which provide more flexibility to the concept of registration by recognized jurisdiction, and the regulatory development through covenants allows concepts such as remote operators, in such a manner that the tools for a regional securities market are established.