News

Bond issue offered by Uruguayan government reflects Chilean economic performance

29 November 2000

Carey & Cía, Shearman & Sterling and Guyer & Regules advised the underwriter in the November 29 issue of Ch$80 billion (US$140 million).

ANTEL's exclusivity restricted to 'basic telephony'

20 October 2000

On October 20, 2000, Uruguay's House of Deputies approved a bill which, among other things, restricts the scope of ANTEL's exclusivity to 'basic telephony', defined as local traffic effected through fixed telephones.

Argentine and Uruguayan firms advise in cross-border stock acquisition.

20 October 2000

M & M Bomchil and Bado Kuster advised paper producer Fanapel in a stock purchase agreement which was signed in New York on October 20, 2000.

Marval, O'Farrell in brewery transaction with Brazilian and Uruguayan firms

13 October 2000

On October 13 2000, France's Groupe Danone and the world's number three brewer, Brazilian Ambev (Brahma and Antartica), took control of Uruguay's Compañía Salus.

Enactment of rules to prevent money laundering

11 October 2000

On October 11, 2000, the Central Bank of Uruguay (BCU) approved Circulars # 1712 and # 1713 containing new rules to prevent money laundering (ie the use of Uruguay´s financial system to legitimate assets originating in criminal activities.

Decree 285/2000 enacted to regulate the conditions for the concession of public works under private initiative.

03 October 2000

The Decree, enacted on October 3, 2000 empowers the Executive, subject to the prior approval by the Audit Office, to authorise the particular regimes and contracting procedures based on principles of openness and equality of the bidders, provided market conditions and the goods and services involved prove advantageous to the government.

Consumer Protection Act

27 August 2000

Uruguay was the only Mercosur country and one of only three Latin American countries that did not have a consumer protection law. An extensive Consumer Relations Act that took effect on August 27, 2000 drastically changes this situation.

Emergency Bill comes into force on July 16

16 July 2000

Act No 17.243 approved by the Executive on June 29, 2000 covers a wide range of topics including investment promotions, tax, antitrust, labour, company, administrative, public, criminal, mutual funds.

Parliament approves 'catch-all' Act

13 June 2000

On June 13 the Parliament approved an Act intended to implement the understandings between the Colorado Party and the Blanco Party.

Foreign companies authorised to provide satellite TV services to Uruguayan consumers

30 May 2000

The decree, approved on May 30, 2000 lifts the ban on the importation of satellite TV receivers imposed only four months ago.