LATAM LAW

Legal insights on issues important to Latin America

By: Ignacio E. Sanchez and Melanie Garcia The United States government has issued new sanctions in response to the growing unrest in Venezuela. On January 23, the United States recognized Juan Guaido as the new interim President of Venezuela. Nonetheless, Nicolas Maduro has refused to step down. US Secretary of State Mike Pompeo stated that the latest US sanctions related to Venezuela’s state producer of oil are meant to “preserve the core pillar of Venezuela’s…
By: Ben Sanderson and Silvia Farre On 1 January 2019, new updates to the Note to the Parties and Arbitral Tribunals on the Conduct of the Arbitration under the ICC Rules of Arbitration (the Note) became effective. According to the ICC Court President, Alexis Mourre, the updates, “reflect the Court’s continuous efforts … to provide more transparency in its practices, increase the efficiency of our arbitrations and offer an ever wide range of services to…
By: Felipe Bahamondez and Carolina Bawlitza Chile’s Tribunal for the Defense of Free Competition (TDLC) rejected the plea of Celeo Redes Chile Limitada, which had requested that the government modify “the legal precepts necessary to introduce a greater degree of competition in the generation, distribution and electric transmission markets.” In particular, the requested regulatory amendment sought to: • Eliminate the prohibition against companies that own or operate national transmission systems from participating in electricity generation…
By: Mariana Muniz and Juan Carlos Feliciano   For tax year 2018, employers in Puerto Rico will be required to report certain severance payments, as discussed further below, as “exempt wages” on Withholding Statement Form 499R-2/W-2PR (the Puerto Rico equivalent of the US W-2 Form – PR Form W-2),1 as opposed to Form 480.6D. Under Section 4.3 of Act 4-2017, known as the Labor Transformation and Flexibility Act, which amends Section 1 of Act No. 80…
By: Alison Fagan, Maria Pereira, Silvia Farre Public-private partnership (PPP) projects in Latin America are on the rise. There is a great need for infrastructure investment across the region, but often, Latin American governments cannot commit public finances to fund the huge investment costs such projects entail. PPPs offer a solution – harnessing the power of private finance to provide multiple public services. However, in the course of such projects disputes may sometimes…
By Maria Eugenia Rios and Abelardo Acosta Based on recent modifications to Articles 73 and 129 of the Mexican Corporate Law (Ley General de Sociedades Mercantiles, LGSM) published on June 14, 2018 and effective as of December 15, 2018, transfers in ownership of a Sociedad de Responsabilidad Limitada (SRL) or a Sociedad Anonima (SA) must be reported with the Ministry of Economy through an online notice. Article 50 Bis of the Commerce Code (Codigo de…
By: Diego Noguera, Matías Zegers and Mauricio Halpern On November 20, 2018, Law No. 21,121 was published in the Official Gazette, modifying the Criminal Code regarding bribery, and Law No. 20,393 about criminal liability of legal entities. In addition to increasing the penalties for bribery crimes, the aforementioned amendment of the Criminal Code criminalizes bribery between individuals and unfair administration, setting forth penalties of deprivation of liberty, fines and seizure of the profits that…
By: Alex Jorge, Leonardo Rzezinski, Rosana Gonzaga Jayme, Humberto Lucas Marini, Renato Lopes da Rocha and Marcella Hill The Brazilian Tax Revenue has published Private Letter Ruling No. 91/2018, as a response by the General Coordination of Taxation (COSIT), which revokes Private Letter Ruling No. 62/2017. The Response to Consultation No. 91/2018, issued in August, clarifies the way in which reinsurance companies are taxed, according to their different ways of operation…
By:  Robert J. Gruendel, Mark A. Waite, Deanna R. Reitman   The United States District Court for the District of Delaware has issued an order and supporting lengthy opinion allowing a judgment creditor holding a $1.2 billion judgment against the Bolivarian Republic of Venezuela to attach common stock owned by Petróleos de Venezuela, S.A. (PDVSA), the national oil company of Venezuela. The stock attached by the order is the common stock of PDV Holdings, Inc.,…