Work Area: Capital markets & securities

Public offering of Telecom Argentina shares completed May 3, 2000

May 3, 2000 saw the completion of a secondary offering of approximately 50 million shares of Telecom Argentina Stet France Télécom SA, aggregating approximately US$270 million, the largest Argentine equity transaction of the year in the capital markets.

03 May 2000

New rules for investment in private pension funds

The National Monetary Council (CMN) approved new rules on investment in the private pension funds, which are contained in Resolution No. 2720 issued by the Central Bank of Brazil on April 24, 2000.

24 April 2000

Securities and Exchange Commission alters BDR's governing rules

The Securities and Exchange Commission of Brazil (CVM) has altered the rules governing the issuance of BDRs (Brazilian Depositary Receipts) with the aim of removing all restrictions which affect foreign internet companies interested in issuing BDRs. Instructions 255 and 321 have been revoked, and Instructions 331 and 332 are now in effect.

01 April 2000

Congress considers "Economic Reactivation Law"

The government has sent to Congress a draft "Economic Reactivation Law" for prompt consideration and approval. The law is part of a reactivation program which contemplates the enactment of other regulations as well.

03 March 2000

Public offering of foreign securities in the offshore stock exchange

A new title (XXIV) has been added to Law no. 18.045 (the "Securities Law"), containing the applicable regulations to the public offer in Chile of foreign securities or securities deposit certificates representing them ("CDV").

01 March 2000

Amendment planned for foreign capital repatriation restrictions

The Ministries of Finance and Economy of the new Administration have been considering the possibility of eliminating the mandatory one-year stay restriction on foreign capital brought into Chile either under the Foreign Investment Statute (Decree Law 600) or the Central Bank regulations.

01 March 2000

Financial and capital markets open to foreign investors

Brazil's National Monetary Council (CMN) issued Resolution No. 2689, on January 26, 2000, which establishing the rules that will permit foreigners, corporations or individuals to invest directly in Brazil’s financial and capital markets under less rigid structures than formerly in place. As of March 31, 2000, foreign investors will be able to more freely invest in securities and fixed-income funds, and they will be allowed to easily move their funds between both positions.

26 January 2000

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