Installing Panvalet you need to enter a valid SPLEVEL value in the PANSYS00 parmlib member.
In the Getting Started is only mentioned:
Specifies the version, release, and modification level of the z/OS operating system that the subsystem is running on. SPLEVEL is a required parameter and must be five characters long.
For example, OS/390 Version 2.9 appears as:
It does not indicate what to specifty z/OS releases.
The parameter is used by the Panvalet Subsystem and is for documentation only.
Like told above, OS/390 2.9 needs to be specified as SPLEVEL=6.0.9. z/OS release begin all with SPLEVEL=7.0.x; Where x is the last digit of the z/OS release.
z/OS 1.4 : SPLEVEL=7.0.4
z/OS 1.7 : SPLEVEL=7.0.7
z/OS 1.9 : SPLEVEL=7.0.9