Latin American Blog : Hispanic Latino Business Lawyers & Attorneys : Sheppard Mullin Law Firm : Cross Border Transactions, Government Contracts

By Curt Dombek and Mark Jensen

President Obama’s visit to the Summit of the Americas produced an important development for business in the United States and Colombia. During an April 15 press conference, President Obama and Colombian President Juan Manuel Santos jointly announced that the U.S.-Colombia Free Trade Agreement (CFTA) will enter into force on May 15, 2012. The enactment of the CFTA creates significant opportunities for both U.S. and Colombian businesses involved in international transactions. In order to take advantage of these opportunities, it will be important for parties to understand key parameters of the agreement, including what qualifies goods as originating in the United States or Colombia.

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By Keith Gercken and Danica Dodds

Summary

On April 17, 2012 the Treasury Department and the Internal Revenue Service issued final regulations requiring information reporting by a broad range of banks and other financial institutions of interest paid to certain nonresident alien individuals on funds held in U.S. accounts. These reporting requirements are generally applicable for payments of interest made on or after January 1, 2013, and are intended to enhance the ability of the IRS to effectively exchange tax information with foreign revenue authorities under the existing network of tax information exchange agreements, thereby bolstering its ability to combat offshore tax evasion by U.S. taxpayers.

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By Bram Hanono

On January 16, 2012, Mexico enacted the Law on Public-Private Partnerships (Ley de Asociaciones Público Privadas) ("PPP Law"). The new PPP Law is intended to regulate the formation of partnerships between the public and private sectors in an effort to provide services and build infrastructure to improve social welfare and increase investment levels in Mexico.

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By Neil A.F. Popović and Rachel Tarko Hudson

In the latest U.S. chapter of the long and hard-fought battle over claims of pollution and adverse health effects from oil development in the Ecuadorian rain forest by Texaco (acquired by Chevron in 2001), a potentially important court victory has gone to the so-called Lago Agrio plaintiffs. On January 26, 2012, the Second Circuit Court of Appeals issued an opinion in Chevron Corp. v. Naranjo, ___ F.3d ___, 2012 WL 232965 (2d Cir. Jan. 26, 2012), ordering vacation of a preliminary injunction that prohibited the Lago Agrio plaintiffs from enforcing or preparing to enforce a potential Ecuadorian judgment against Chevron anywhere in the world outside Ecuador.

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By Alejandro E. Moreno

Fluctuating commodity prices, particularly with respect to the price of food and basic staples, have created a significant demand for arable land. The demand for arable land has, in turn, boosted the price Argentina's rural land and caused a flurry of foreign investment. In response to acquisition of land by foreigners, Argentina recently passed a law that imposes several restrictions on the foreign ownership of rural lands.

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By Larissa Calva-Ruiz

Corporate laws and entities in Mexico have several key differences with their respective counterparts in the United States. One of the most notable differences is the number of shareholders, members or partners needed to incorporate any type of entity. While in the United States it is permissible and customary to set up a corporation or limited liability company with one shareholder/partner, this is not allowed under Mexican law. Consequently, we find a considerable number of entities incorporated in Mexico with one "real" majority shareholder/partner and another minority "phantom" shareholder/partner (a straw man), whose sole purpose is to fulfill a corporate formality.

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By Joseph Pileri

Conducting due diligence is a key aspect of any transaction, international or otherwise. Attorneys working on transactions conducted in Mexico or that involve Mexican entities ought to be aware of registration and certification requirements that are unique to Mexico and that can affect the good standing and validity of Mexican contracts and companies.

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By Whitney A. Hodges

Brazil's Long-Standing Commitment to Sustainability

Brazil arguably boasts some of the most breathtaking natural wonders and extensive natural resources worldwide. Covering a total area of over eight and a half million square kilometers, Brazil features more than two hundred million hectares of rangeland, over six million hectares of farmland, and one hundred million hectares of unexploited land.

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By Whitney A. Hodges

On September 30, 2011, the United States government signed an Export Trade Certificate of Review for the Latin American Multichannel Advertising Council ("LAMAC"). This certification will allow seven United States-based entertainment firms to increase the exportation of multimedia entertainment to Latin American countries and will likely pave the way for other United States-based entertainment studios to enter the market. The LAMAC's Certificate of Review was signed by Under Secretary for International Trade, Francisco Sánchez.
 

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