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10. Capital markets and finance: Panama

Capital markets and finance in Panama: banking licences, capital, liquidity and free interest rates under the Ley Bancaria (Decreto Ejecutivo 52 de 2008); public offers, exempt placements, fees and the tax exemptions for exchange traded registered securities under the Texto Único del Decreto Ley 1 de 1999; tender offers; investment funds and managers; movable collateral under Ley 129 de 2013; trusts and trust companies under Ley 21 de 2017; insurance under Ley 12 de 2012; and non bank lenders and credit bureaus, each tied to the official text. Where Argentine investors or lenders are involved, the Argentine side is covered in The Argentine Thread guide.

Investor view. A dollarized banking centre with free interest rates, tax exempt exchange traded securities, registrable movable collateral and out of court enforcement gives investors deep, flexible financing options with little currency or transfer risk.

• Capital markets, banking and credit in Panama: who regulates what, the main licences and the numbers that matterPanama's dollarized financial centre is built on three regulators: the Superintendencia de Bancos (banks, trust companies), the Superintendencia del Mercado de Valores (issuers, brokers, funds) and th
• Banks in Panama: general, international and representative licences, B/.10 million capital, liquidity and free interest ratesOnly holders of a Superintendencia de Bancos licence may do banking in or from Panama: a general licence for the local and foreign market, an international licence for business booked abroad, or a rep
• Public offerings and listings in Panama: SMV registration, exempt offers, fees and the tax exemptions for registered securitiesPublic offers of securities in Panama, including offers made from abroad to people domiciled in Panama, must be registered with the Superintendencia del Mercado de Valores unless exempt; private place
• Tender offers for listed Panamanian companies: the 25 and 50 percent triggers, 30 day minimum and 75 percent squeeze out offerAnyone, including the issuer, who publicly offers in Panama to buy SMV registered shares for 25 percent or more of the capital, or for an amount that takes the buyer above 50 percent, must notify the
• Investment funds in Panama: registered, foreign and private funds, investment manager licences and SMV feesFunds (sociedades de inversión) offered to the public in Panama register with the Superintendencia del Mercado de Valores, may be open or closed ended, and must keep assets with an authorised custodia
• Secured lending in Panama: the movable property mortgage of Ley 129 de 2013, registration, priority and out of court enforcementLey 129 de 2013 lets any person, Panamanian or foreign, grant a movable property mortgage (hipoteca de bien mueble) over specific assets, generic categories, inventory, receivables and future assets t
• Trusts in Panama: Ley 1 de 1984 trusts and the trust company licence of Ley 21 de 2017 (B/.150,000 capital, B/.250,000 guarantee)A Panamanian trust (fideicomiso) is a written act by which a settlor transfers assets to a trustee to manage or dispose of them for a set purpose; the assets form a separate estate that the settlor's
• Insurance in Panama: Superintendencia de Seguros licences, B/.5 million capital and the duty to insure local risks with local insurersInsurers, brokers, agents and adjusters are licensed and supervised by the Superintendencia de Seguros y Reaseguros under Ley 12 de 2012. An insurer must put up B/.5,000,000 of capital in cash, build
• Consumer credit in Panama: finance company licences, effective rate disclosure, no interest on interest and the seven year credit bureau ruleNon bank lenders that offer loans to the public (empresas financieras) need authorisation from the Ministerio de Comercio e Industrias, B/.500,000 of paid capital and must disclose the effective inter

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