Panama’s Superintendency of the Securities Market (SMV) appointed Rafael Moscarella as the new liquidator of brokerage firm PLUS CAPITAL MARKET, INC. via Resolution SMV-384-25 of 24 September 2025, replacing the liquidator in a forced liquidation process ordered under Resolution SMV-416-19 of 14 October 2019 for a firm originally licensed under Resolution CNV-77-10 of 12 March 2010.