Incoming Letter: the Panama Stock Exchange
Panama, June 1, 2006 Mr. Paul Dudek, Chief Office of International Corporate Finance Mailstop 3628 Securities & Exchange Commission 100 F Street N.W. Washington DC 20549 Re: Application for Designation of the Panama Stock Exchange as a “Designated Offshore Securities Market”. – Dear Mr. Dudek: As Chief Executive Officer of the Bolsa de Valores de Panama (hereinafter “BVP or the Exchange”), I hereby submit an application on behalf of the BVP for recognition as a Designated Offshore Securities Market or Exchange. This designation is sought within the meaning of Rule 902(b) of Regulation S (“Regulation S”), promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The participants of the BVP seek the safe harbor under Rule 904 of Regulation S for securities traded or offered “in or through the facilities” of the BVP. Specifically, The BVP seeks a determination as a non-U.S. securities exchange or market designated by the Commission based upon its consideration of, among other things, the attributes specified in Rule 902 (b) (2). Rule 902(b)(2) states: … Any foreign securities exchange or non-exchange market designated by the Commission. Attributes to be considered in determining whether to designate an offshore securities market, among others, include: (i) Organization under foreign law; (ii) Association with a generally recognized community of brokers, dealers, banks, or other professional intermediaries with an established operating history; (iii) Oversight by a governmental or self-regulatory body; (iv) Oversight standards set by an existing body of law; (iv) Reporting of securities transactions on a regular basis to a governmental or self-regulatory body; (v) A system for exchange of price quotations through common communications media; and (vi) An organized clearance and settlement system.
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