Panama approves immobilization of bearer shares
29 Oct. 2013
Bearer shares will be held in custody along with a declaration about the legal owner. Law applies to bearer shares issued prior and subsequent to the date it cames into force.
Banks, trustees, entities and brokerage firms registered at the countryÂ´s Supreme Court of Justice will be entitled to act as guards of the bearer shares certificates. Foreign custodians could also register.
Law will come into force two years from promulgation and bearer shares certificates will have to be deposited for custody within a three years period. Therefore, holders have 5 years to comply with this new legislation, which is a requirement of OECD in order for the country not to be included in its list of non cooperative jurisdictions.