STATEMENT OF THE BOARDNational Bar DE PANAMA
The National Bar Association of Panama, as the main grouping of the legal professionals and in accordance with legal and statutory principles that inspire this union body, with the purpose and duty to contribute to the guidance of professionals, authorities and community at large.
WHEREAS:
· That from July 2012 the Government invited the National Bar Association, along with a group of lawyers from private and public sectors of this country, to participate in the review of a bill that proposes adoption of a custody regime for shares issued to bearer.
· That in the month of October 2012, the National Bar Association reported among its members a draft of the bill, requesting that cometary undertake it.
· That in the month of November 2012 the National Bar Association sent a note to all members of the International Bar Association of Panama, asking for their position relative to said bill.
· That in the month of December 2012 the National Bar Association sent a summary to the national government with all the comments made by his membership on the bill reported in the month of October 2012.
· That the February 19, 2013 the Government submitted to the National Assembly Bill No. 568 which adopts a custodial regime applicable to bearer shares.
· That the February 22, 2013 the National Bar Association cited its members to a meeting for the discussion of Bill No. 568.
· That even though Bill No. 568 took into account some of the comments made by the lawyers guild represented by the National Bar Association, is the majority opinion of this guild that approval of same would be a certain loss competitiveness for the country, in an activity of enormous importance to our economy resulting in direct revenues to the National Treasury, as well as direct and indirect income to different economic activities such as notaries, translators, lawyers and the banking system itself, given that there are now competitors of Panama in the industry providing international who have not changed their corporate regime and still allow the issuance of bearer shares without restriction.
· That in the opinion of the guild, Panama should not modify its internal laws as a result of external pressures prompted by third States whose only objective look after their own interests, but not so for the interests of Panama.
· What is the majority opinion of the legal profession, that the adoption of Bill No. 568 will not only affect the provision of international financial services in Panama, but also affect the country's internal corporate system used by thousands of businesses and citizens Panamanians to organize your business and inheritance structures, more expensive and making them more onerous, it being totally unnecessary, since Panama has now has laws requiring lawyers and law firms that incorporate corporations know their customers under standards more stringent than those of many of its competitors, ensuring that Panama meets the admissions standards of transparency required by international agreements signed with other states.
· That there are palliative measures and much less expensive than, without disrupting the internal Panamanian corporate or affect the competitiveness of the country, can further strengthen the rules that oversees homeland Panama maintains high standards of transparency to avoid its international services platform is improperly used for illegal purposes, such as the legalization of commercial practice now adopted by most banks do not square up bank accounts if the account holder is a legal person with bearer shares.
In consideration of the above, the majority of the Board of the National Bar Association of Panama
RESOLVED:
FIRST: REJECT Bill No. 568 which adopts a custodial regime applicable to bearer shares submitted by the Government to the National Assembly on February 19, 2013. SECOND: respectfully ask the Government to withdraw the said Bill No. 568 and will instead propose a law that prohibits U.S. banks to open bank accounts where the account holder is a legal entity that owns bearer shares..
Given in the city of Panama, on the 6th day of March 2013.
The National Bar Association of Panama, as the main grouping of the legal professionals and in accordance with legal and statutory principles that inspire this union body, with the purpose and duty to contribute to the guidance of professionals, authorities and community at large.
WHEREAS:
· That from July 2012 the Government invited the National Bar Association, along with a group of lawyers from private and public sectors of this country, to participate in the review of a bill that proposes adoption of a custody regime for shares issued to bearer.
· That in the month of October 2012, the National Bar Association reported among its members a draft of the bill, requesting that cometary undertake it.
· That in the month of November 2012 the National Bar Association sent a note to all members of the International Bar Association of Panama, asking for their position relative to said bill.
· That in the month of December 2012 the National Bar Association sent a summary to the national government with all the comments made by his membership on the bill reported in the month of October 2012.
· That the February 19, 2013 the Government submitted to the National Assembly Bill No. 568 which adopts a custodial regime applicable to bearer shares.
· That the February 22, 2013 the National Bar Association cited its members to a meeting for the discussion of Bill No. 568.
· That even though Bill No. 568 took into account some of the comments made by the lawyers guild represented by the National Bar Association, is the majority opinion of this guild that approval of same would be a certain loss competitiveness for the country, in an activity of enormous importance to our economy resulting in direct revenues to the National Treasury, as well as direct and indirect income to different economic activities such as notaries, translators, lawyers and the banking system itself, given that there are now competitors of Panama in the industry providing international who have not changed their corporate regime and still allow the issuance of bearer shares without restriction.
· That in the opinion of the guild, Panama should not modify its internal laws as a result of external pressures prompted by third States whose only objective look after their own interests, but not so for the interests of Panama.
· What is the majority opinion of the legal profession, that the adoption of Bill No. 568 will not only affect the provision of international financial services in Panama, but also affect the country's internal corporate system used by thousands of businesses and citizens Panamanians to organize your business and inheritance structures, more expensive and making them more onerous, it being totally unnecessary, since Panama has now has laws requiring lawyers and law firms that incorporate corporations know their customers under standards more stringent than those of many of its competitors, ensuring that Panama meets the admissions standards of transparency required by international agreements signed with other states.
· That there are palliative measures and much less expensive than, without disrupting the internal Panamanian corporate or affect the competitiveness of the country, can further strengthen the rules that oversees homeland Panama maintains high standards of transparency to avoid its international services platform is improperly used for illegal purposes, such as the legalization of commercial practice now adopted by most banks do not square up bank accounts if the account holder is a legal person with bearer shares.
In consideration of the above, the majority of the Board of the National Bar Association of Panama
RESOLVED:
FIRST: REJECT Bill No. 568 which adopts a custodial regime applicable to bearer shares submitted by the Government to the National Assembly on February 19, 2013. SECOND: respectfully ask the Government to withdraw the said Bill No. 568 and will instead propose a law that prohibits U.S. banks to open bank accounts where the account holder is a legal entity that owns bearer shares..
Given in the city of Panama, on the 6th day of March 2013.
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