The Brazilian Monetary Council has made more flexible the regulations governing the incorporation, organisation and operation of stock exchanges in Brazil with a view to rendering transactions made at local stock exchanges more flexible.
Shearman & Sterling and Pérez Alati are advising in a US$ 275-million LC-backed commercial paper programme for Banco Río de la Plata, the second-largest privately-owned bank in Argentina. The arrangers of the transaction are Bank of America and Banco Santander.
Creel, García-Cuéllar y Müggenburg, SC is acting as counsel to the borrower, Cigarrera La Moderna SA de CV, and the guarantor, British American Tobacco Plc, in the securitisation of a loan worth over US$100 million, granted by BBVA Bancomer.
Levy & Salomão Advogados attorneys have been helping to frame a draft regulation on derivatives transactions which has been submitted to the Central Bank of Brazil.
AA2000 was represented by Buenos Aires-based M&M Bomchil in the offering of fixed-rate bonds which closed on January 12, 2001 and is due 2004.
On January 17, Executive Decree 1132, the Investment Promotion and Guarantee Law and the Substitute Regulation, was issued, providing that the state, through all of its entities, is required to ensure that investments are made with all the guarantees established in the Constitution.
On January 5 the regulator Superintendencia de Valores y Seguros enacted general rules regulating simplified tender offers.
January 2001: The recently approved Tender Offer and Corporate Governance Bill introduces certain issues of corporate governance issues into Chilean commercial legislation, with the purpose of bringing such legislation into line with international standards. The Bill however refers only to limited aspects of corporate governance.
The government has approved new legislation, 'the New Law', on change of control and tender offers in companies which make public offers of their shares. The New Law will was enacted on December 20, 2000.
Pérez Alati and White & Case advised on an offering of Floating Rate Notes, completed for Banco de Galicia y Buenos Aires SA, on December 20, 2000. It is for a principal amount of US$50 million, due in 2005.