Wednesday, July 24, 2013

Martinelli's legislators move ahead restrictions to bearer shares

The Panama Ministry of Economy English-speaking staff prepared this press release:

The Draft Law N° 568 "that adopts a custodial arrangements applicable
to the shares issued to the bearer", was adopted in the first discussion
by the Commission of Economy and Finance, the National Assembly of
The legislation provides the adoption of a regime that allows preserve
the bearer shares, through the custody of their certificates in a private
manner, by an authorized custodian, with the purpose of being able to
have certainty of its owner in specific cases, without affecting its free
movement, on a confidential basis.
Dario Espinosa, deputy minister of Finance, said that "through this bill
strengthens the country's commitment to comply with high standards of
transparency and good use of the financial services, at the same time
comply with the international agreements, previously acquired by
On this legislation, Espinosa added that "it complements the
Government's efforts to prevent the inclusion of our country in
discriminatory lists that could affect the competitiveness of the
Panamanian banking system, which we know is one of the pillars of the
economy of Panama".
According to the new provision, may act as local custodians of the
certificates of the shares issued to the bearer, the banks of a general
license, fiduciary regulated by the Superintendence of Banks in Panama,
securities houses and central securities duly registered by the
Superintendence of Stock Market of Panama, as well as lawyers or
resident agents.
The custodial arrangements apply to shares issued to the bearer poses
which shall come into force on the date of the next business day, then
after two years, since the promulgation of the same as law.
The deputy minister Espinosa, in front of the members, was
accompanied by the administrator of the National Authority of Public
Revenues (ANIP), Luis Cucalón.

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