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June/July 2019

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International Correspondents

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Tax Relief

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  • Sponsored by Mayer Brown
    Mayer Brown lawyers Jason Elder and Joo Park, who recently advised Mongolian Mortgage Corporation on a debut bond issuance, explain how the deal came together and what advisors need to know
  • Sponsored by Nagashima Ohno & Tsunematsu
    On April 19 2019, the Financial Services Agency of Japan published the Cabinet Order to Partially Amend the Order for Enforcement of the Financial Instruments and Exchange Act (draft). Of these proposed amendments, this article examines the amendment concerning disclosure regulations that relate to share compensation. Please note that, as of May 31 2019, the effective date of the proposed amendments has not been announced, and the content of the proposed amendments may change.
  • Sponsored by Sidley Austin
    Sidley Austin partners review implementation and enforcement actions across Europe and highlight risky areas in data protection to watch in the future
  • Sponsored by Brigard Urrutia
    Article 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.
  • Sponsored by Prager Dreifuss
    Prager Dreifuss lawyers Roland Böhi and Manuel Vogler explain how Swiss authorities are updating tax laws to balance a competitive regime with international standards
  • Sponsored by Stikeman Elliott
    Stikeman Elliott partners analyse Canada’s new takeover bid regime and its impact on Aurora’s recent hostile bid for competitor CanniMed
  • Sponsored by Cescon Barrieu Flesch & Barreto Advogados
    In 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).
  • Sponsored by Linklaters
    Linklaters lawyers explain how financial services firms should address the range of behavioural remedies to have emerged from regulators in recent years
  • Sponsored by Alfaro Ferrer & Ramírez
    The 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.
  • Sponsored by Baker McKenzie
    Baker McKenzie lawyers consider how a relatively innocuous feature of corporate bonds is causing a stir following recent litigation and new regulations
  • Sponsored by Maples Group
    The Court of Appeal's decision in Bank of Ireland v Eteams (International) brings further important legal clarity for all forms of receivables finance transactions, as well as the 'true sale' opinions given by lawyers in the context of such deals.
  • Sponsored by Consortium Legal
    The 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.
  • Sponsored by Udo Udoma & Belo-Osagie
    Reports of private equity successes and challenges arguably stand in sharper contrast in Nigeria than in comparable emerging markets. Folake Elias-Adebowale, Ozofu ‘Latunde Ogiemudia and Christine Sijuwade of Udo Udoma Belo-Osagie examine the balancing act investors need to perfect
  • Sponsored by Futej & Partners
    The transfer of agricultural land in Slovakia was long subject to special restrictions. The Act on Acquisition of Ownership of Agricultural Land of 2014 provided for a special procedure for the transfer of title to agricultural land.
  • Sponsored by Sycip Salazar Hernandez & Gatmaitan
    Public apostilled documents executed outside the Philippines no longer need to be authenticated by the Philippine Department of Foreign Affairs (DFA) in order for those documents to be considered authentic in the Philippines. This is because on May 14 2019, the Philippines became a party to the 1961 Convention Abolishing the Requirement of Legalisation for Foreign Public Documents, or the Apostille Convention.
  • Sponsored by Nagashima Ohno & Tsunematsu
    On November 30 2018, partial amendments to the Ordinance for Enforcement of the Notary Act (Amended Ordinance) came into force. The Amended Ordinance aims to identify the beneficial owners of companies and improve transparency in order to prevent money laundering or terrorism financing activities. According to the Amended Ordinance, when making an application to a notary for the authentication of articles of association to incorporate new joint-stock companies (kabushiki-kaisha), general incorporated associations (ippan-shadan-houjin) or general incorporated foundations (ippan-zaidan-houjin), applicants must declare to the notary: (i) the beneficial owner of the company; and, (ii) that the beneficial owner is neither a member of criminal organisations nor an international terrorist, and where there is any reasonable doubt the notary will request the applicant to provide explanations.
  • Sponsored by Weerawong C&P
    The market has evolved from catering solely for offshore lenders financing Thai borrowers to include Thai lenders financing foreign ventures. Nattaporn Pengkul and Passawan Navanithikul of Weerawong C&P look at the latest developments in lending rules
  • Sponsored by Norton Rose Fulbright
    Beijing-based Norton Rose Fulbright partner Barbara Li explains what China’s new foreign direct investment rules mean for foreign companies entering one of the world’s biggest marketplaces