Ferrere Lamaison was chosen by ABN AMRO to act as counsel in the setting-up of an investment fund based on loans granted by the Banco Hipotecario del Uruguay (BHU).
Under new Uruguayan antitrust legislation, there are no pre- or post-merger notification requirements, and no duty to notify.
Capital Afap SA and Unión Afap SA, two leading players in Uruguay's pensions market, have announced their impending merger. It is the first ever deal between Uruguayan pension fund administrators.
The US Internal Revenue Service has announced that it has designated Uruguay a "qualified or eligible jurisdiction" in connection with the ‘know your customer’ (KYC) practices followed by local banks.
Uruguay has passed a new law abolishing the state monopoly over telecommunications services and creating a watchdog for the telecoms sector.
The Parliament has passed a Budget Bill (‘the Bill’), yet to be approved by the Executive, which widens the antitrust provisions of Act No. 17,243 which the Uruguayan Parliament passed on June 29, 2000, and which included a brief antitrust provision (recently published on Latin Lawyer’s website).
On December 29 2000, by Executive Order No. 400/00, which was published in the Official Gazette on January 8 2001, the Uruguayan Government changed the legal regime regarding the requirements for becoming a licensee for the provision of cable television services.
Shearman & Sterling and Guyer & Regules advised the lead arrangers in the seven-year financing, which concluded on December 29.
Carey & Cía, Shearman & Sterling and Guyer & Regules advised the underwriter in the November 29 issue of Ch$80 billion (US$140 million).
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.