Rotterdam, 23rd September 2013
In an effort of the Republic of Panama to comply with international standards, Law 47 of August 6, 2013 (the “Law”) has been enacted, which adopts a regime for the custody of bearer share certificates. The Law will come into force on August 6, 2015.
The Law establishes that bearer shares must be deposited with an authorized custodian together with a sworn declaration containing general information of the beneficial owner, such as full name, passport or I.D. number, address and phone number.
Bearer shares issued after the Law comes into effect must be deposited with an authorized custodian, together with the sworn declaration of the beneficial owner, within twenty (20) days following the date of issuance of the shares.
The Resident agent will act as authorized custodian for its clients. Banks, trust companies and financial intermediaries licensed to carry out these activities in jurisdictions that are members of the International Financial Action Task Force (FATF) on Money Laundering or its associate members and that are registered with the Superintendency of Banks of Panama may act as authorized foreign custodians.
If you hold bearer shares, you should contact the Corporate Desk of Hubel Marine B.V. during 2014 and advise whether you would choose to send us the certificates for custody or if you prefer to exchange these for registered shares.
Truly yours,
Hubel Marine B.V.
Erik A. de Koning
Hubel Marine B.V. 