Regulatory Alerts2013-08-06
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Law No. 47 of August 6, 2013, Adopting a Custody Regime Applicable to Bearer Shares
The Legislative Assembly of Costa Rica enacted Law No. 47 to establish a mandatory custody regime for bearer shares. This legislation requires the conversion of bearer shares into registered shares to enhance transparency and prevent illicit financial activities. The law mandates that financial institutions and intermediaries maintain accurate records of the beneficial owners of such securities.
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