News
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 Instructions 255 and 321 have been revoked, and Instructions 331 and 332 are now in effect.
Utilities close record roll over of foreign debt
In April, Light-Serviços de Eletricidade SA and Eletropaulo Metropolitana Eletricidade de São Paulo SA successfully completed what is believed to be the largest rollover of foreign debt in Brazil since the outbreak of the Russian financial crisis in 1998.
Telecoms privatisation moving ahead
Three companies, one French and two Mexican have pre-qualified to present bids in April for Nicaragua’s state owned telecoms company (ENITEL).
Brigard & Urrutia opens IP practice, April 1, 2000
The leading Bogotá firm, which until now has dealt with IP matters through a cooperation with a separate specialised IP firm, Brigard & Castro, has decided to start dealing with IP matters in-house, setting up a new department headed by Carlos Umaña T and Maria Fernanda Castellanos. It will focus on IP and specifically on consumer protection law and competition matters. The decision to set up the new department marks the end of the existing arrangement with Brigard & Castro.
Last day for foreign banks to file for registry renewal - March 31
For foreign banks doing business in Mexico, March 31 is the last day to file for registry renewal in the Foreign Bank Registry of the Mexican Tax Administration Service (SAT).
Important changes in the migration regulations
Law No. 47 regarding migration regulations enters into effect on 24 March 2000 amending several rules applicable to foreigners visiting or residing within the Republic of Panama.
Mexican telecommunications conglomerate purchases majority stake in Conecel
The bid for a majority stake in Consorcio Ecuatoriano de Telecomunicaciones SA Conecel, one of the two holders of a mobile cellular licences in Ecuador by Teléfonos de México SA de CV (Telmex) was approved on March 21.
Four new Magistrates elected for the Supreme Court of Justice
On March 20 the National Assembly (Congress) elected four new Magistrates for the Supreme Court of Justice. This fulfilled the regulation established in the amendments to the Political Constitution regarding the numerical increase of magistrates in the Supreme Court from 12 to 16 (Article No. 163 Cn). The new Magistrates elected are: Armengol Cuadra, Carlos Guerra Gallardo, Guillermo Selva Argüello and Rafael Solís Cerda.
Cardenas, Cassagne & Asociados opens new office in Madrid
Mr Beltran Gambier is resident partner at the new office, inaugurated on March 16. It aims to bring the firm closer to its Spanish clients.
Jurisdiction in International Agreements
The Supreme Court of Justice has clarified the rules of jurisdiction of Argentine Courts in international agreements. In re Exportadora Buenos Aires S.A. vs. Holiday Inn’s Worldwide Inc. (20/10/98, La Ley published on March 8, 2000) the Supreme Court adopted a broad interpretation of the rules contained in Sections 1215 and 1216 of the Civil Code.
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