Government Implements Bearer Share Identification System

Uruguay has implemented a bearer share identification system to bring its bearer share regime into compliance with OECD requirements. The government announced on September 18 that Uruguay will move on to Phase 2 of the OECD peer review as originally scheduled (that is, in the first semester of 2014).

Why the Changes?

In October 2011 the OECD Global Forum on Transparency and Exchange of Information issued its Phase 1 peer review report for Uruguay. The report, published on October 26, advised against proceeding to the Phase 2 review until Uruguay acted on the recommendations to improve its regulatory framework.

One of the main objections raised by the report was that Uruguay did not comply with the terms of reference regarding availability of ownership and identity information for all relevant entities.