Central & South America

Regulation of Investment Crowdfunding

The CVM issued on July 13, 2017, CVM Instruction 588 (” CVM Instruction 588 “), which regulates the public offer of distribution of securities issued by small business companies, carried out with exemption from registration by means of a platform (” Platform “) on the Internet (” Crowdfunding ” or ” Equity Crowdfunding”).

The new regulation allows companies with annual gross revenue of up to R $ 10 million reais to make offers through collective financing on the internet, with automatic waiver of offer registration and issuer in the CVM. To protect investors, one of the conditions is that this type of offer only occurs through the Platforms, which will go through the process of obtaining authorization from the CVM.

Read More

Read full article

Public Registry of Commerce approves Simplified Corporation regulation

Today, the Public Registry of Commerce (Inspección General de Justicia”) has approved the regulation of theSimplified Corporation (Sociedad Anónima Simplificada or “SAS”), which will enable the incorporation of this type of companies as from September 1. The main features of the SAS are the following:

 The SAS may be incorporated by one shareholder and the formalities of incorporation have been relaxed substantially.

 The incorporation may be completed within 24 hours.

 The initial minimum corporate capital is very low (approx. USD 1,000).

 Simplified valuation procedure of capital contributions in kind (e.g. trademarks, software, etc.).

 More flexibility to create different stock classes and special rights.

 Flexibility to design the management structure.

 Only one director must be an Argentine resident.

 Simplified accounting and corporate records.

 National Tax ID may be procured within 24 hours.

 Reduced timing for opening a bank account.

Please let us know should you need further information.

Read full article

SECRETARIAT OF FINANCE OF THE STATE OF SÃO PAULO REOPENS THE INSTALLMENT PROGRAM FOR THE DISCHARGE OF ICMS DEBTS WITH DISCOUNTS

With the publication of Decree No. 62.709 / 17, the government of the State of São Paulo reopened the “Special ICMS Installment Program” (“ICMS – 2017 PEP”), authorizing the discharge of ICMS Values ​​of fines and default interest due.

“Debts referring to events occurring up to December 31, 2016, whether or not registered, whether or not in active, legal or civil liability, including those arising from noncompliance with ancillary obligations, may be included in the” ICMS – 2017 PEP “. Of previous installments.

Read More

Read full article

Mercado legal ve mayor dinamismo en operaciones de fusión y adquisición tras prometedor primer semestre

Si bien el impacto de las reformas concentró la labor de los mayores estudios jurídicos locales en los últimos dos años, durante la primera mitad de este 2017 se evidenció un renovado dinamismo en materia de fusiones y adquisiciones (M&A) y en el ámbito del mercado de capitales.

Read More

Read full article

ANCINE POSTPONES REGISTRATION REQUIREMENT FOR ONLINE ADVERTISING FILMS

The National Cinema Agency (ANCINE) published on July 17, 2017 a new Normative Instruction (nº 135/2017), to postpone until October 18, 2017 the entry into force of the provisions of the recent Normative Instruction 134/2017 that Required the registration and consequent collection of CONDECINE for the broadcasting of audiovisual advertising on the Internet.
With this postponement, ANCINE expressed its interest in preparing a Regulatory Impact Analysis focusing on the points of uncertainty raised by the representative entities of the segment, especially related to the exploitation of “live” videos, as well as the production of videos by individuals ( Such as bloggers, youtubers, etc.) without the involvement of producers registered as such in ANCINE. It is expected that these entities will be convened by ANCINE to contribute to the debate on the new rules and so that all points of uncertainty will be duly adjusted until the definitive entry into force of the registration and payment obligations of CONDECINE for audiovisual publicity works in the Internet.
Read full article

New Urban Regulatory Framework: Relevant Changes and Inclusions in the Legislative Order

The presidential sanction puts an end to the numerous discussions that took place from the edition of MP 759/2016, on 12/22/2016, throughout the legislative process of its conversion into law. Undoubtedly, such discussions were justified by the innovations brought by the MP through valuable mechanisms designed for land regularization independent of the economic situation of its final recipient, and by the need to improve its provisions.

Read More

Read full article

The first case since the beginning of the Trump Administration in which the US Department of Justice failed to sue a company for FCPA violations

On June 16, 2017, the United States Department of Justice (DOJ) announced the termination of the investigation into alleged violation of the Foreign Corrupt Practices Act (“FCPA”) by US industrial gas supplier Linde North America Inc., Linde Gas North America LLC, together with certain subsidiaries and affiliates (collectively, “Linde” or “Company”). Although this is the sixth time the DOJ has refused to sue a company as part of the FCPA Pilot Program, this was the first FCPA-related declension announced by the DOJ since Donald Trump took the US presidency. In addition, this is the first decline in which a company is forced to repay the profits obtained illegally and its illegal profits are confiscated.

Read More

 

Read full article

The Public Services Users’ Rights Defense Act has been published

Law No. 13,460 of June 26, 2017 establishes basic rules for participation, protection and defense of the rights of users of public services, provided directly or indirectly by the public administration. This Law also applies, in a subsidiary manner, to private companies that provide public services.

The application of this Law does not rule out the need to observe the Code of Consumer Protection, when characterized consumption relation.

In addition to listing various basic rights and duties of users, the Law establishes that the bodies and entities that are subject to its rules must disclose a User Service Letter, whose purpose is to inform the user about the conditions and details of the services provided, Such as the forms of access to services, the commitments of the provider and standards of quality of service to the public, the main steps for processing the service.

Read More

Read full article

Quijano & Associates: 10-Years member of the American Chamber of Commerce & Industry of Panama

On Thursday, 22nd June, our Associate, Ahmed Herrera, received our 10-years award recognition at the Members’ Recognition and Networking Cocktail held by the American Chamber of Commerce & Industry of the Republic of Panama, at the American Trade Hotel.

Read More

Read full article

Foreign Direct Investment increases in Panama

The first quarter of 2017 showed a notable increase in foreign investment, totaling $1,315.4 million, representing 10.7% more than the $1,188.7 million recorded during the same period in 2016, all of them according to data revealed by the General Comptroller of the Republic of Panama, which are based on preliminary figures of the National Institute of Statistics and Census.

According o the  National Institute of Statistics and Census’ statistics, in the first three months of 2017, general licensed banks registered foreign direct investment in the amount of $160 million 900 thousand dollars, 3.7 percent more than the %155 million 200 thousand dollars in the first quarter of 2016.

Read More

Read full article