As of October 16, Zuleta, Garrido, Araque & Jaramillo and Acosta & Carrizosa move into a new joint office space.
Electronic privacy legislation is spreading. During the last three years Chile, Argentina, Paraguay and Peru have approved new data protection statutes regulating the collection and use of personal data, and in some cases prohibiting data transfer to countries that do not have adequate protection of privacy. Brazil, Mexico and Uruguay have proposed legislation under consideration.
Early in 2001 the two main Colombian airlines, AVIANCA and ACES, announced their decision to merge operations in response to financial conditions and structural changes in the market. The merger is the most important operation of its kind in Colombian history.
On August 9 the Central Bank of Uruguay (BCU) enacted Circular No. 1755 containing new rules governing public offerings of offshore funds. The circular establishes that financial intermediation institutions, banking houses (casas bancarias), brokers associated with an authorised stock exchange and corporations administering offshore funds - acting through their local branches or representations - are entitled to publicly distribute such funds in Uruguay.
Brazilian Monetary Council Resolution No. 2883 of August 30, 2001 imposes new fines on late-registered and unregistered foreign investments in Brazil, including direct investments, loans, and other transactions. Under the resolution, any registration made after 30 days from the date of the event (ie date of entry of funds) will entail the imposition of fines, with few exceptions.
The Colombian government has given its approval to Law 689 amending the Public Services Law, which will come into effect on October 28. As of that date, state entities that provide a public service will no longer be required to contract under the State Contracting Statute (Law 80 of 1993). This will certainly simplify the current contracting process with the remaining state-owned public services companies, since as from the end of November these public companies will be able to freely contract with third parties under the general commercial regulations for private companies.
The National Secretariat for State Reform has appointed the advisers and consultants who will work with the Government in the privatisation of the state water and sewerage company CORPOSANA, which will be effected by a sale or by capitalisation. CORPOSANA provides water and sewerage services in the capital and other large towns, although the sewerage services are limited. Steps are being taken to restructure the company in preparation for privatisation while ensuring the continued provision of regular services. The invitation to tender is expected to be announced within the next two months.
A multinational team of lawyers advised Argentine media giant Grupo Clarín and its affiliate Multicanal in the refinancing of Multicanal’s existing debt obligations in a transaction concluded on August 24.
Cleary, Gottlieb, Steen & Hamilton's New York office recently represented Morgan Stanley as sole bookrunner in the Rule 144A/Regulation S offering of US$421 million 7.373 per cent Senior Notes due 2022 by Autopista del Maipo Sociedad Concesionaria SA, a Chilean highway concessionaire.
Cravath, Swaine & Moore and Morgan Lewis & Bockius LLP have selected Barrios Fuentes Urquiaga Abogados as Peruvian counsel in the divestiture of the personal care products company Clairol from BMS.