Central & South America

“Sunshine Act” Mineiro

Em 29 de Dezembro de 2017 entrou em vigor o Decreto 47.334, que regulamenta o chamado “Sunshine Act” Mineiro (Lei do Estado de Minas Gerais 22.440/2016).

Conforme disposto em tais atos normativos, devem ser declaradas ao Governo do Estado de Minas Gerais, anualmente, até o último dia útil do mês de janeiro, quaisquer relações que configurem potenciais conflitos de interesses, mantidas no ano anterior entre profissionais de saúde e matrizes e subsidiárias de empresas que atuem nos diversos segmentos da indústrias de medicamentos, órteses, próteses, equipamentos e implantes.

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Latin Lawyer magazine recognizes Koury Lopes Advogados and Aninat Schwenke & Cia

Latin Lawyer magazine has recognized Koury Lopes Advogados of Brazil and Aninat Schwenke & Cia of Chili in its “Leading Lights” listing.

Several factors played a role in drawing up this list. These include firms’ answers to the survey with regards to institutionalization of the practice and examples of their recent pro bono cases.

For more information, visit Leading Lights on Latin Lawyer.

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Argentina – Client Alert – Tax Reform

The Argentine Congress approved a comprehensive tax reform in Argentina, effective in general January 1st, 2018. This summary describes some of the main changes:

A. Corporate income tax rate and dividend withholding tax

The corporate income tax rate is decreased from 35% to 30% for fiscal years starting 1 January 2018 to 31 December 2019, and to 25% for fiscal years starting 1 January 2020, and onwards. Dividend withholding tax rates of 7% for profits accrued during fiscal years starting 1 January 2018 to 31 December 2019, and 13% for profits accrued in fiscal years starting 1 January 2020 and onwards. The new withholding rates would apply to distributions made to shareholders qualifying as resident individuals or nonresidents. Additionally, the reform repeals the 35% “equalization tax” as from 1 January 2018.

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CNJ ceases to apply rule that invalidates foreign documents

In a recent decision, the National Council of Justice (” CNJ “) decided not to apply article 20 of Resolution 228, published on June 23, 2016, which establishes procedures for apostiling foreign documents in Brazil, under the terms of the Handbook of The Hague, promulgated by Decree No. 8.660, of January 29, 2016.

Pursuant to article 20 of Resolution No. 228, as of February 14, 2017, all foreign documents legalized prior to August 14, 2016, by Brazilian Embassies or Consulates, would lose their validity, regardless of the deadlines established therein.

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KLA is recognized in The Best Lawyers in America 2018

The KLA had 17 lawyers ranked by The Best Lawyers in America © 2018 in 16 areas. Among those nominated, Paulo Prado, a member of the Public and Administrative Law area of ​​the KLA, was named “Lawyer of the Year” for his performance in Administrative Law in São Paulo.

For over 30 years, Best Lawyers has been a reference for clients in more than 70 countries, one of the most respected publications in the world.

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New sanctions regime of the Central Bank and the Securities and Exchange Commission

On November 14, 2017, Law 13,506 of November 13, 2017 was published, which provides for the sanctioning administrative process in the sphere of the Brazilian Securities and Exchange Commission (CVM) and the Central Bank of Brazil (BACEN).

Law 13,506 / 2017 is a breakdown of Provisional Measure (MP) 784/2017, which expired after being widely discussed in the National Congress this year. The final version of the project retained most of the MP’s text, with specific changes referring, for example, to the specific rules on the payment order of creditors in case of extrajudicial liquidation or bankruptcy; to the requirement that the decision in administrative sanction process in the scope of the BC be taken by a collegiate body; the prohibition of the conclusion of an undertaking in case of serious infraction; and to change the name of the leniency agreement, to be called an administrative agreement in the process of supervision.

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Central Bank regulates new sanctions regime and administrative penalties

The BACEN published on November 14, 2017, Circulars Nos. 3,857 and 3,858 to regulate, respectively, the new sanctioning regime of BACEN, as provided in Law 13,506 / 2017, and the parameters for applying the administrative penalties in question Law No. 9,613 of March 3, 1998.

These standards are part of BACEN’s initiative to make the administrative sanctioning process more efficient as a supervisory tool and is part of the “Latest Legislation” pillar of the BC + Agenda.

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Federal Revenue regulates the neutralization of changes in accounting standards

With the introduction of international accounting standards in Brazil (IFRS), Law No. 12,973 / 2014 was to map and neutralize the effects of IFRS on the determination of Income Tax. However, Brazilian accounting standards continue to be amended, so that the provisions of that law may become obsolete.

In order to deal with this issue, the Federal Revenue issued the Normative Instruction RFB No. 1,753, according to which changes in the accounting standards that come after Law No. 12,973 / 2014 will not affect the determination of IRPJ and CSLL until the Federal Revenue has on them, which will be done in the form of an Annex to the aforementioned Normative Instruction.

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Business name precedence is not enough to void trademark

The 3rd Panel of the Superior Court of Justice (STJ) rejected a special appeal filed by a company active in the chocolate manufacturing and marketing sector in Santa Catarina that was intended to prevent another São Paulo company from using the distinctive sign “FRANZ” as a trademark in the meat and dairy sector.

The company from Santa Catarina, constituted in 1995, sought the annulment of the trademark “FRANZ ALIMENTOS”, owned by the São Paulo company, established only in 1996, alleging the previous business name and the existence of the right of precedence of its exclusive use expression “FRANZ” in its segment.

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New rules for the application of resources from own Social Security Regimes (RPPS)

On October 19, 2017, the National Monetary Council (CMN) published Resolution 4,604 amending the standard (Resolution 3,922 / 2010), which provides for the application of the resources of the Social Security Own Regimes (RPPS) established by the Union, Federal District and Municipalities.

The changes brought by the CMN came to adapt the management of assets of the RPPS to the best investment practices, increasing to the austerity, transparency and security in the applications of the resources.

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