Panama approves immobilization of bearer shares

Panama approves immobilization of bearer shares

On July 29, 2013 Panamanian Congress has finally approved the law which imposes a safekeeping regime on bearer shares.

From a press release issued by the National Assembly of Panama it became known that the draft law No. 568 which regulates shares by allowing their immobilization was approved.

The idea of the law is to immobilize bearer shares, which is a requirement of the Organization for Economic Cooperation and Development (OECD) in regards to compliance with international OECD standards on fiscal transparency and exchange of tax information.

The project seeks to establish in its articles a transition period of three years for bearer share certificates which have been issued prior to the effective date of this Act to be changed for ordinary shares.

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