June/July 2019
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International Correspondents
Features
Tax Relief
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News Analysis
Editorial
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Sponsored by Mayer BrownMayer 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 & TsunematsuOn 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.
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Sponsored by Sidley AustinSidley Austin partners review implementation and enforcement actions across Europe and highlight risky areas in data protection to watch in the future
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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 Prager DreifussPrager Dreifuss lawyers Roland Böhi and Manuel Vogler explain how Swiss authorities are updating tax laws to balance a competitive regime with international standards
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Sponsored by Stikeman ElliottStikeman Elliott partners analyse Canada’s new takeover bid regime and its impact on Aurora’s recent hostile bid for competitor CanniMed
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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 LinklatersLinklaters lawyers explain how financial services firms should address the range of behavioural remedies to have emerged from regulators in recent years
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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 Baker McKenzieBaker McKenzie lawyers consider how a relatively innocuous feature of corporate bonds is causing a stir following recent litigation and new regulations
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Sponsored by Maples GroupThe 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.
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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 Udo Udoma & Belo-OsagieReports 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
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Sponsored by Futej & PartnersThe 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.
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Sponsored by Sycip Salazar Hernandez & GatmaitanPublic 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.
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Sponsored by Nagashima Ohno & TsunematsuOn 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.
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Sponsored by Weerawong C&PThe 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
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Sponsored by Norton Rose FulbrightBeijing-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
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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 Nishimura & AsahiFor the first time in Vietnam, a unified governmental regulation on internal audit has been promulgated through Decree 05/2019/ND-CP dated January 22 2019 (Decree 05) which came into effect on April 1 2019. Previously, only a few entities, such as credit institutions and the State Bank of Vietnam, were required to conduct an internal audit under different legal regulations. Decree 05 has added new types of entities which are required to conduct an internal audit by April 1 2021 at the latest.
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Sponsored by Bär & KarrerIn a referendum held on May 19 2019, the Federal Act on Tax Reform and AHV Financing (TRAF) was adopted by the Swiss people and the cantons. The reform includes several measures directed at corporate income taxation, such as the abolition of tax privileges for certain types of companies (status companies) and the implementation of internationally accepted replacement measures such as a patent box or the ability to super-deduct R&D costs (up to 150% of actual costs). The reform also contains tax measures at the shareholder level. The majority of the measures will be in force as of January 1 2020.
