Panama:
Brokerage House Suspended
13 April 2016
Patton, Moreno & Asvat
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The market regulator of Panama has indefinitely suspended the
license of the brokerage firm Clever Financial Investment Services,
linked to Banco Universal. A resolution by the Superintendence of
Securities said that after performing an inspection at the
brokerage firm it was found that the brokerage firm maintains only
three bank accounts, all of them with Banco Universal, namely own /
administrative account, third parties/customers account and a
deposit account.
As a result of the takeover of Banco Universal on
June 5 the funds held in accounts maintained by Clever Financial
Investment Services will not be available for use by the brokerage
firm.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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