Panamanian Congress has finally approved the law which imposes a safekeeping regime on bearer shares.
Tuesday, July 30, 2013
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.
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Congress discussed today in the first debate the bill adopting a custody regime applicable to shares issued to bearers.
From a press release issued by the National Assembly of Panama:
The Commission of Economy and Finance of the National Assembly will discuss in a first debate on Tuesday from 2:00 pm Bill 568 "to adopt a custody regime applicable to shares issued to bearers," which was presented by Minister of Economy and Finance, Frank De Lima.
Panamanian Congress will resume discussion of the bill that immobilizes bearer shares.
Frank De Lima, Minister of Economy and Finance, has sent a report to the Organization for Cooperation and Development (OECD) to report on the postponement of the project in response to a letter from the Organization requesting a report on Panama's efforts in this area.
Under pressure from the OECD, the government of Panama is preparing a bill to immobilize bearer shares.
Panamaamerica.com reports that "The Organization for Economic Cooperation and Development (OECD) has asked the country to immobilize, within it’s financial system, bearer shares, a measure which will allow Panama to be excluded from the list of discriminatory countries."
A bill will reform the mechanism for registering company shares in Panama, in order to comply with OECD requirements.
The initiative, by the Ministry of Economy and Finance, which will be put to consultation in late June, does not provide for the elimination of bearer shares, "but their immobilization (where bearer shares are deposited with an authorized custodian).
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