Lawyers call for renewal in oversight bodies

Lawyers call for ‘’renewal” in oversight bodies
PANAMA’S National Bar Association (CNA) has urged President, Juan Carlos Varela, to “fully renew” the leadership of the superintendents of Banks, Stock Market and Insurance and Reinsurance.
The periods of the current three superintendents Alberto Diamond, Banks; Juan Manuel Martans, Stock Market, and Luis Alberto Della Togna, Insurance and Reaseguros- expired with the end of the year. Varela has not revealed who their replacements.
CNA president, José Alberto Alvarez, signed a resolution calling on Varela “to conduct a comprehensive and genuine consultation with civil society and professional associations related to the activities and to appoint people committed to transparency , probity and free from political strings to ensure a fair, transparent and professional supervision of regulated activities “.
Alvarez said that the public service has been affected by “indication of corruption, lack of transparency and administrative confusion that sometimes have affected the perception of some financial institutions under the supervision of existing regulators”.
He added that, “without discrediting the work of existing regulators”, it is imperative that the government appoint superintendents to ensure transparency and good performance.
Diamond and Della Togna were appointed in 2009 by President Ricardo Martinelli, for a period of five years. Martans was appointed superintendent of the Market this year to complete the term of Alejandro Abood, who resigned amid allegations of threats over investigation of the Financial Pacific brokerage, currently in liquidation.