Africa
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Sponsored by VdA Vieira de AlmeidaAfter ratification of the first sustainable investment facilitation agreement, between the EU and Angola, Carla Gonçalves Borges, Mariana França Gouveia, and Assunção Cristas of Vieira de Almeida analyse ESG considerations in African states’ investment treaties
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Sponsored by VINT & Aletheia, Attorneys and ConsultantsESG considerations are becoming an increasingly important factor in investment decisions in Ghana. Lady-Ann Essuman, Ewurama Osam Tawiah, and Verissa Odame-Koranteng of VINT & Aletheia, Attorneys and Consultants explain why, and how, the new reality should be embraced
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Sponsored by DealHQ PartnersAs the financial services ecosystem in Nigeria continues its rapid development, DealHQ Partners provides a guide to the latest regulatory initiative regarding contactless payments
Asia Pacific
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Sponsored by LPA-CGR avocatsThe key components of a business-friendly environment are in place in France and present an opportunity for further Chinese investment, say Raphaël Chantelot, Ran Hu, and Hubert Bazin of LPA-CGR avocats
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Sponsored by Eng and Co.Rather than being seen solely as a burden, climate-related disclosures may represent an opportunity for proactive companies to secure a competitive advantage, say Rachel Eng and Pei Yin Yap of Eng and Co.
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Sponsored by Riquito AdvogadosJoão Nuno Riquito and Belmiro Leong of Riquito Advogados explain quasi-capital contributions and why this financing instrument, as opposed to traditional means, can safeguard the interests of a company, its shareholders, and its creditors
Europe
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Sponsored by Fellner Wratzfeld & PartnersRestructuring activity has also increased as the retail, real estate, and construction sectors struggle to cope with recent crises and rising costs, say Markus Fellner, Florian Henöckl, and Nadine Maros of Fellner Wratzfeld & Partners
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Sponsored by Bär & KarrerChristoph Neeracher, Luca Jagmetti, and Thomas Rohde of Bär & Karrer discuss Switzerland’s restructuring and insolvency landscape for 2024 and beyond
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Sponsored by JeantetThe system has proved to be effective in addressing companies with business difficulties, but areas of uncertainty remain, say Laïd Estelle Laurent, Jean Delapalme, and Claire Blondel of Jeantet
Latin America & Caribbean
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Sponsored by GarriguesDecreased availability and increased costs of funding have altered the behaviour of borrowers and lenders in the Peruvian leveraged finance market. Thomas Thorndike of Garrigues highlights the main themes and considers the outlook
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Sponsored by Alemán Cordero Galindo & LeeRita de la Guardia and Patricia Cordero, Alemán, Cordero, Galindo & Lee
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Sponsored by Baker McKenzieJaime Trujillo Caicedo, Alexandra Montealegre and María Camila Vargas, Baker McKenzie
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Sponsored by Von Wobeser & SierraEdmond Grieger of Von Wobeser & Sierra explains why an effective game plan is crucial for investors, sponsors and developers working on clean energy projects
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Sponsored by Sainz AbogadosAlejandro Sainz Orantes and Ana Gabriela Avendaño Fernández, Sainz Abogados
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Sponsored by Alemán Cordero Galindo & LeeEloy Alfaro B and Rita de la Guardia, Alemán Cordero Galindo & Lee
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Sponsored by Alfaro Ferrer & RamírezIn June 2018, the EU issued a scoping paper detailing the economic substance requisites that the subject jurisdictions should adopt before 2019 regarding entities based in those jurisdictions
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Sponsored by Alfaro Ferrer & RamírezMaria Alejandra Cargiulo of Alfaro Ferrer & Ramírez writes about the registration requirements for public offerings or sales of securities made in Panama
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Sponsored by Alfaro Ferrer & RamírezAFRA lawyer Ana Raquel Sedda explains how the new regime will work and what companies and their lawyers need to know
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Sponsored by Brigard UrrutiaBrigard Urrutia lawyers explain what pension fund administrators need to know about the new framework
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Sponsored by EY LawWill the regulators that oversee Costa Rica’s fintech sector take heed of Winston Churchill’s advice to never let a good crisis go to waste?
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Sponsored by Alfaro Ferrer & RamírezAs part of the Panamanian government's plan to reactivate the economy following the Covid-19 crisis, it is currently promoting a new regime known as limited liability entrepreneurship companies (LLEC).
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Sponsored by Alfaro Ferrer & RamírezLocal law firm AFRA explains the need-to-know on Panama’s new decree, which the govenrment hopes will increase its logistics appeal to foreign companies
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Sponsored by Alfaro Ferrer & RamírezAFRA partner Alejandro Alemán F. explains how the government is working to support families and businesses struggling as a direct result of the pandemic
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Sponsored by Alfaro Ferrer & RamírezSince its inception, Panama has positioned itself as a world-leading logistic services provider. This has been in part due to its privileged geographical location and connectivity, as well as to a solid pro-market and dollarised economy. A robust banking system and a responsible territorial fiscal regime have qualified Panama as an investment-grade country since 2010 – and it has since been upgraded by Moody's, Fitch Ratings and Standard & Poor's.
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Sponsored by Alfaro Ferrer & RamírezSince its inception, Panama has positioned itself as a world-leading logistic services provider. This has been in part due to its privileged geographical location and connectivity, as well as to a solid pro-market and dollarised economy. A robust banking system and a responsible territorial fiscal regime have qualified Panama as an investment-grade country since 2010 – and it has since been upgraded by Moody's, Fitch Ratings and Standard & Poor's.
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Sponsored by Alfaro Ferrer & RamírezAs the world moves to adapt to the ever-growing, rapid-changing digital and globalised times, signing through electronic means is a concept many companies are trying to implement to increase the efficiency with which they connect with consumers and suppliers.
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Sponsored by Campos Mello AdvogadosFabiano Gallo, Carolina Marcondes Sant’Angelo, Carla Steinberg and Breno Cintra, Campos Mello Advogados
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Sponsored by Alfaro Ferrer & RamírezPanama and the UK have shared diplomatic ties since 1908. The US brought the highest amount of foreign direct investment (FDI) into Panama in 2018, with the UK coming in eighth position in the FDI stakes. The 2015 FDI figures saw the UK in fourth spot after the US, Colombia and Switzerland (with a total of 6% of FDI into Panama).
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Sponsored by Alfaro Ferrer & RamírezPanama and the UK have shared diplomatic ties since 1908. The US brought the highest amount of foreign direct investment (FDI) into Panama in 2018, with the UK coming in eighth position in the FDI stakes. The 2015 FDI figures saw the UK in fourth spot after the US, Colombia and Switzerland (with a total of 6% of FDI into Panama).
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Sponsored by Alfaro Ferrer & RamírezIn order to maximise the potential of more than 15 commercial treaties that have been signed by the Republic of Panama, the country's Ministry of Trade and Industry has recently created a special office within the ministry called the 'commercial intelligence unit' (INTELCOM). This unit will provide knowledge to Panamania-based companies, including on what products the main commercial partners of the country are importing, who their main suppliers are, and details of opportunities that national products have under the commercial treaties. The main objective of INTELCOM will be to gather commercial intelligence relating to foreign trade, in order to efficiently reorientate Panama's productive strategies and decision making, in actions to support export development. INTELCOM will also develop business intelligence through different tools such as market research and interviews with local exporters and Panama's embassies and consulates throughout the world. This valuable information will be processed, analysed, interpreted and disseminated, in order to take advantage of business opportunities that have been identified and may be developed in Panama. INTELCOM will also oversee the strengthening of technology transfer related to the production and commercialisation permitted under the commercial treaties, in order to increase the productivity and competition of the private sector in Panama.
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Sponsored by Alfaro Ferrer & RamírezNew laws in key offshore jurisdictions came into force at the beginning of 2019 which require entities engaging in specific types of business to demonstrate adequate economic substance in that jurisdiction. Failure to comply with substance requirements could lead to grave consequences, such as incurring significant fines or being struck off by local registries.
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Sponsored by Alfaro Ferrer & RamírezIn 2018 the National Assembly passed Bill 665 concerning data protection. The Bill was later sanctioned by the president and publicised through the Official Gazzette No. 28,743-A as Law 81 of March 26, 2019.
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Sponsored by Alfaro Ferrer & RamírezThrough the enactment of Agreement no. 4-2012, the Superintendence of Insurance and Reinsurance of Panama (SSRP) regulates the provision of reinsurance and brokerage services by foreign entities to local insurance and reinsurance companies authorised to operate in Panama.
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Sponsored by Brigard UrrutiaThe Regulatory Unit (Unidad de Regulación Financiera or URF) of the Ministry of Finance and Public Credit has issued several decrees with the purpose of harmonising Colombian capital requirement regulations applicable to banking institutions with the capital requirement regulations included in Basel III.
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Sponsored by Alfaro Ferrer & RamírezThe Panamanian government recently gave the green light to the establishment and operation of BPO's Panama Free Zone. The new project constitutes not only the first digital free trade zone in the Republic of Panama, but it is also being promoted as the first of its kind in the Latin American region.
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Sponsored by Consortium LegalThe fintech industry has revolutionised the traditional financial industry as we used to know it, at a faster pace than many could imagine.
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Sponsored by Brigard UrrutiaIn October 2018 a commission of experts was formed to review the landscape of the Colombian capital markets and propose measures to boost the market as an instrument for economic growth and general welfare. The commission gathered information from the market through workshops and one-to-one meetings with market participants. After a nine-month process, the commission presented its recommendations on August 9 2019, in an 80-page document that includes more than 60 initiatives that aim to improve market regulation and conditions.
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Sponsored by Alfaro Ferrer & RamírezThe executive branch of the Panamanian government has presented a Bill to the Legislative Assembly for the formal creation of a public-private partnership (PPP) regime in Panama. The Bill was approved in the first of three debates required within the Legislative Assembly for its final approval.
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Sponsored by Campos Mello AdvogadosThe Brazilian oil and gas sector does not frequently use project financing and debt capital markets (DCM) to fund its activities unlike in other Brazilian capital-intensive sectors (for example, energy and toll roads) or in other oil markets (for example, onshore US). This results in reduced capital returns and creates difficulties for independent oil companies. Two recent regulations may change this situation.
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Sponsored by Brigard UrrutiaOn June 27 2019, the Institutional Limited Partners Association (ILPA) issued the third version of the private equity principles (principles). The principles continue to reiterate that the essence of an effective private equity partnership is built on the alignment of interests, governance and transparency; however, this third version also addresses new issues.
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Sponsored by Alfaro Ferrer & RamírezSince Panama is a country with a territorial tax regime, it makes sense to have specific criteria to determine, on a case-by-case basis, if a person can be considered a Panamanian tax resident. A territorial tax regime implies that a taxpayer is only subject to the payment of taxes in Panama if its net monetary income has been obtained from commercial activity carried out within the Panamanian territory. Financial, legal and logistics services are among Panama's most robust economic drivers and these are attractive industries for foreign investment. This incoming foreign capital brings with it foreign individuals and corporate entities, which in turn leads to discussion on whether such foreign individuals and corporate entities should be considered Panamanian tax residents.
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Sponsored by Consortium LegalEver since the Republic of Nicaragua became a member of the Financial Action Task Force of Latin America (GAFILAT), Nicaragua has experienced a gradual, yet impactful, overhaul in its provisions regarding prevention, detection and criminalisation of activities involving money laundering and financing of terrorism.
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Sponsored by Brigard UrrutiaArticle 20 of Law 1882 of 2018 was very important for reactivating the financing of the 4G concession road projects, because it clearly stated the guidelines for calculating the termination payment in concession agreements in the case of early termination events caused by a declaration of invalidity. On August 30 2018, the Controller General filed a claim of partial unconstitutionality of the article before the Colombian Constitutional Court, arguing that this article contravened the prohibition of illicit enrichment, among other arguments.
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Sponsored by Consortium LegalThe fintech ecosystem in Guatemala has seen a steady rise in the number of fintech startups and operational companies that provide alternative financial services in country. According to the Inter-American Development Bank in its 2018 report entitled 'Fintech Latin America 2018 – growth and consolidation', as of December 2017 there were four operational fintech companies in Guatemala. However, according to the Asociación Fintech de Guatemala, which was recently formed by various fintech companies, as of the second quarter of 2019 there were 16 fintech companies in Guatemala.
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Sponsored by Alfaro Ferrer & RamírezThe Republic of Panama recently enacted Law 76 of February 13 2019 (Law 76 or Tax Procedure Code), through which the new tax procedure code is approved. This new Tax Procedure Code, which will come into effect on January 1 2020, does not replace the Tax Code, but rather establishes the basic principles and the fundamental rules that constitute the legal regime of the Panamanian tax system and is applicable to all national taxes.
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Sponsored by Consortium LegalThe Salvadoran Law on Secured Transactions (SLST) has been in force since April 2014 by Decree No 488, which is based on the Organisation of American State´s (OAS) Model Inter-American Law on Secured Transactions. Under Article 88, the SLST clarified that the new national central registry would become operational no later than six months after this law came into force (that is, October 15 2014).The creation of the SLST had an overarching theme: to improve access to credit for micro, small and medium-sized enterprises (MSMEs), particularly those involving women-owned businesses and other marginalised groups.
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Sponsored by Cescon Barrieu Flesch & Barreto AdvogadosIn Brazil, the public enforcement of antitrust infringements is carried out by the Administrative Council for Economic Defence – CADE. Since Law 12,529/2011 was enacted in Brazil, such enforcement has increased considerably, boosted by CADE through the use of leniency and cease-and-desist agreements (known as TCCs).
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Sponsored by Brigard UrrutiaRecently, the financial services industry in Colombia has undergone substantial changes driven by technology, which have greatly reduced operational costs, provided higher quality, increased efficiency and expanded access and inclusion for credit and financial services.
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Sponsored by Cescon Barrieu Flesch & Barreto AdvogadosThe auction of the Norte Sul railway (FNS), on March 28, marks the end of a long hiatus for railway concessions. The last one had taken place in 2007, more than 10 years ago.
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Sponsored by Brigard UrrutiaLaw 1870 of 2017, the Colombian Financial Conglomerates Law entered into force on February 6 2019. The Colombian Superintendence of Finance (SFC) has begun the process of supervising 13 financial conglomerates in the country, five of which are local and eight foreign. The SFC will supervise: Sura – Bancolombia Group, Aval Group, Bolívar financial conglomerate, BBVA Colombia, Fundación Social, Coomeva, Scotiabank Colombia, Itaú Colombia, BNP Paribas Colombia, BTG Pactual Colombia, Credicorp Capital Colombia, GNB Sudameris Colombia and Old Mutual Colombia.
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Sponsored by Alemán Cordero Galindo & LeeEloy Alfaro B and Rita de la Guardia, Alemán Cordero Galindo & Lee
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Sponsored by Jáuregui & Del ValleMiguel Ishii Yokoyama and Alejandro Creel Ysita, Jáuregui y Del Valle
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Sponsored by Ritch Mueller Heather & NicolauThomas S Heather, Ritch Mueller Heather y Nicolau
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Sponsored by Alemán Cordero Galindo & LeeEloy Alfaro and Rita de la Guardia, Alemán Cordero Galindo & Lee
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Sponsored by Pellerano & HerreraMariángela Pellerano and Alessandra Di Carlo of Pellerano & Herrera examine the nascent state of the fintech sector and its regulations
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Sponsored by Basham Ringe & CorreaMiguel Angel Peralta and Pedro Said Nader of Basham Ringe y Correa look at the implications of the country’s soon to be enacted Fintech Law
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Sponsored by Cleary Gottlieb Steen & HamiltonArgentina’s sovereign bond restructuring in 2005 reopened the debate surrounding interpretations of the boilerplate clause
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Sponsored by Hogan LovellsA recent wave of public offering activity points to a re-opening of the country's equity markets to foreign investment
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Sponsored by Pellerano & HerreraMariangela Pellerano and Caroline Bonó, Pellerano & Herrera
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Sponsored by Levy & Salomão Advogadoswww.levysalomao.com.br
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Sponsored by Rodríguez Dávalos Abogadoswww.rdabogados.com.mx
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Sponsored by Rodríguez Dávalos Abogadosメキシコ www.rdabogados.com.mx
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Sponsored by Alemán Cordero Galindo & Leewww.alcogal.com
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Sponsored by Ritch Mueller Heather & NicolauRodrigo Conesa
Middle East
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Sponsored by ASAR - Al Ruwayeh & PartnersDavid Walker and Rahul Sud, ASAR – Al Ruwayeh & Partners
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Sponsored by ASAR - Al Ruwayeh & PartnersEzekiel Tuma, John Cunha, and Luis Cunha, ASAR – Al Ruwayeh & Partners
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Sponsored by ASAR - Al Ruwayeh & PartnersSteven Brown and Rahul Sud, ASAR – Al Ruwayeh & Partners
North America
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Sponsored by Latham & WatkinsRobert M Katz and Charles Ruck, Latham & Watkins
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Sponsored by Latham & WatkinsRobert Katz and Charles Ruck, Latham & Watkins
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Sponsored by Latham & WatkinsMore US buyers – and more buyer-friendly deal terms – are entering the seller-friendly UK market, although the picture is increasingly nuanced, say Joshua M. Dubofsky, Sam Newhouse, Jennifer N. Cadet, and Catherine Campbell