Requirements to be a Latinclear participant

Only the following legal entities may be Latinclear participants:

  1. Securities Houses
  2. Banks
  3. Securities Centers
  4. Participants in other Central Securities
  5. Subsidiaries of Brokerage Houses or Banks

All these entities must be authorized by the Superintendency of the Securities Market to maintain custody accounts. Eligibility is verified through a license or authorization from the Superintendency of the Securities Market or the Superintendency of Banks of Panama.

All participants must meet the following requirements:

  1. Financial capability:
    They must have the financial capacity and a minimum capital as established by the Superintendence of the Securities Market or the Superintendency of Banks of Panama.
  2. Infrastructure and Personnel:
    They must have the facilities, structure, qualified personnel and systems necessary to comply with Latinclear's obligations.
  3. Politics and procedures:
    They must have control policies and techniques to guarantee security, operational efficiency and risk management.
  4. Clean History:
    Neither the company, directors, shareholders nor key executives must have convictions for serious crimes in Panama or abroad.
  5. Licenses:
    They must not have had license or authorization revocations in the last 5 years due to improper acts.
  6. Sanctions:
    They must not have been sanctioned by financial regulators for serious misconduct.
  7. Ethics:
    They must not have committed dishonest practices or practices contrary to stock market ethics.
  8. Disqualifications:
    Directors and executives must not have been disqualified from exercising their professions.

Latinclear evaluates all membership applications fairly and without discrimination. Decisions can be challenged if an application is rejected.