Regulatory Alerts2018-09-21
Agreement No. 10 (2018) Modifying Agreement No. 04-2015 on the Registration Procedure for Custodians of Bearer Shares
The Panama Superintendency of Banks issues this regulatory framework to establish the mandatory registration procedure for local and foreign custodians of bearer shares, implementing the custody regime mandated by Law No. 47 of 2013. The agreement defines eligibility criteria, operational requirements, and specific obligations for authorized custodians to ensure physical security, effective identification of beneficial owners, and strict confidentiality. It further outlines the application process, associated fees, supervisory powers, and the potential cancellation of authorization for non-compliant entities.
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