{"id":957,"date":"2017-07-30T18:20:28","date_gmt":"2017-07-30T18:20:28","guid":{"rendered":"https:\/\/molinapanama.com\/demoes\/?p=957"},"modified":"2023-01-09T16:43:53","modified_gmt":"2023-01-09T21:43:53","slug":"regime-applicable-bearer-shares-panama-part-i","status":"publish","type":"post","link":"https:\/\/molinapanama.com\/en\/regime-applicable-bearer-shares-panama-part-i\/","title":{"rendered":"The New Regime Applicable to Bearer shares in Panama (Part I)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"957\" class=\"elementor elementor-957\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38e21b2d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38e21b2d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-53d08ac9\" data-id=\"53d08ac9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4607013b elementor-widget elementor-widget-text-editor\" data-id=\"4607013b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>By Law 47 of August 6, 2013, the Republic of Panama officially amended \u00a0the regimen applicable to bearer shares issued by corporations. \u00a0The new regime is one whereby bearer shares are immobilized. \u00a0Thus, bearer shares have not been eliminated, nor have they been prohibited in any way. \u00a0The new regime means that any bearer share certificates must be deposited into custody of an authorized custodian.<\/p><p><strong>Entry Into Force of Law 47<\/strong><\/p><p>First, Law 47 of 2013 shall enter into force on August 6, 2015. \u00a0This means that before that date, there is no change.<\/p><p>But starting from August 6, 2015, every owner of shares represented by a certificate issued to bearer, whose date of issue is equal or after August 6, 2015, must designate an authorized custodian and deposit said certificates with that custodian.<\/p><p><strong>Grace Period for Certificates Issued Before August 6, 2015.\u00a0<\/strong><\/p><p>With regards any bearer share certificates issued before the date of entry into force of Law 47 (August 6, 2015), its owner will have a grace period of three (3) years to be counted from the above mentioned date, to comply with the obligation to appoint an authorized custodian and deposit the certificates with said custodian.<\/p><p><strong>Who Can Be Appointed As Custodian?<\/strong><\/p><p>The following entities or persons may act as authorized custodians:<\/p><ul><li>Banks with general license established in Panama;<\/li><li>Trust companies operating in Panama and licensed by the Panama Banking Superintendency;<\/li><li>Brokerage houses operating in Panama and licensed by the Superintendency of the Securities Market of Panama;<\/li><li>Clearing Houses\u00a0operating in Panama and licensed by the Superintendency of the Securities Market of Panama;<\/li><li>Attorneys at Law registered before the Fourth Bench of General Matters of the Supreme Court of Justice of Panama, in a registry that the Fourth Bench will establish to that effect.<\/li><\/ul><p>In addition, foreign banks, trust companies and financial intermediaries licensed in jurisdictions that are members of the Financial Action Task Force on Money Laundering (FATF) or its associated members that are registered before the Panama Banking Superintendency, in a registry that will be open and kept for that effect.<\/p><p><strong>What information must be provided to the authorized custodian? \u00a0What will happen to bearer share certificates that do not comply with Law 47? \u00a0What hereditary regime will apply to bearer share certificates in custody?<\/strong>\u00a0\u00a0The answers to these and other very important questions you will find in\u00a0<strong>Part II<\/strong>\u00a0of this Article.<\/p><p><a title=\"The New Regime Applicable to Bearer Shares in Panama (Part 2)\" href=\"https:\/\/molinapanama.com\/demoes\/regime-applicable-bearer-shares-panama-part-2\/\">Read Part 2 here<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>By Law 47 of August 6, 2013, the Republic of Panama officially amended \u00a0the regimen applicable to bearer shares issued by corporations. \u00a0The new regime is one whereby bearer shares are immobilized. \u00a0Thus, bearer shares have not been eliminated, nor have they been prohibited in any way. \u00a0The new regime means that any bearer share [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[74,75,76],"class_list":["post-957","post","type-post","status-publish","format-standard","hentry","category-articles","tag-bearer-shares","tag-corporations","tag-estate-planning","entry"],"_links":{"self":[{"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/posts\/957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/comments?post=957"}],"version-history":[{"count":9,"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/posts\/957\/revisions"}],"predecessor-version":[{"id":1319,"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/posts\/957\/revisions\/1319"}],"wp:attachment":[{"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/media?parent=957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/categories?post=957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/molinapanama.com\/en\/wp-json\/wp\/v2\/tags?post=957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}