Here we go folks, it is finally approved and will become law soon. 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:
Draft Law No. 568, which regulates shares by allowing their immobilization was approved by the plenary of the National Assembly on its third reading.
The standard, presented by the Minister of Economy and Finance (MEF), Frank De Lima, adopts a custody regime applicable to bearer shares and puts Panama one step closer to immobilizing them.
The idea is to immobilize bearer shares, which is a requirement of the Organization for Economic Cooperation and Development (OECD), in order for the country not to be included in its list of those who are non cooperative in regards to fiscal transparency.
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.
Bravo, but, the Registry has told all of us and our lawyers that they WILL NOT allow property in un-named shares in S A Corporations and when transfers or bank accounts are required in current un-named shared S A’s you must provide shareholder names.. Or they won’t continue the Corporation.. We showed them the official announcements from the Gob. and still no way..
Guess will all see…….
Sampson Valverde