Holding Restrictions – Investment Funds – Panama
Market restriction
CBL has been advised that, under Panama law, CBL would not be recognised as a nominee acting on behalf of its customers.
Customers are advised to consult with appropriate counsel before holding fund units or shares through CBL in Panama. By holding such securities, CBL customers are deemed to be aware of any law, regulation, rules and policies applicable thereto.
Restrictions on customers
There are no general restrictions on customer residency for holdings held through CBL.
However, certain funds may impose specific settlement and/or transfer restrictions. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Restrictions on settlement
There are no general restrictions on settlement of Panama investment funds through CBL.
However, certain funds may impose specific settlement and/or transfer restrictions. Customers must refer to and abide by the restrictions (if any) contained in the fund prospectus before entering into transactions.
Disclaimer
The information contained in the Holding Restrictions is based on a legal questionnaire obtained by CBL that was issued on 27 January 2023. CBL believes the information to be correct as at that date but disclaims any responsibility as to the accuracy and completeness of the information. In the case of discrepancy between the information provided by CBL and the local laws and regulations, the latter shall prevail. The Holding Restrictions do not constitute legal advice and customers should seek advice from independent professional counsel.
Customers are responsible for ensuring compliance with the holding restrictions and agree to indemnify and hold harmless CBL, for any loss, expense, liability, damage, or claims, whether direct or indirect, against or incurred by CBL arising out of or resulting from such non-compliance.