By John Bonn, Keith Gercken and Nancy Howard
On June 17, 2008, the President signed H.R. 6081, the Heroes Earnings Assistance and Relief Tax Act of 2008 (“HEART”). HEART adds new provisions to U.S. law that significantly change the tax treatment of persons who give up their U.S. citizenship or long-term permanent resident status.
By Rebecca Roberts
According to Forbes, the government has initiated more proceedings under the Foreign Corrupt Practices Act in the last five years than it did in the previous twenty. Given the huge expense and political and economic implications of an enforcement action, many companies choose to settle rather than litigate. As a result, there is not much case law on the constitutional implications of the FCPA’s long reach, which may, in some cases, exceed due process requirements.
By Beni Surpin and Crystina Coats
In his opening remarks to the Senate, when presenting Senate Bill S.3325 to the floor on July 24, 2008, Senator Evan Bayh (D – Ind.) stated: “if hundreds of our cargo ships were being hijacked on the high seas or thousands of our business people were being held up at gunpoint in a foreign land, there would be a great sense of alarm and unshakable government resolve to act. That, in effect, is what is happening today, yet we are not doing nearly enough to stop it.”
By Jerry Gumpel, Jeralin Cardoso and Larissa Calva-Ruiz
Introduction:
The type of transaction and the purpose behind the transaction will largely shape the focus of the due diligence process. Due diligence is about uncovering hidden risks and reducing further exposure. Whether the transaction involves the sale of a company or the purchase of assets, it is imperative to determine what you, as the Purchaser, are seeking to get out of the deal and to structure the due diligence review in a manner that will further such goal. The location of the company or the assets being purchased will also impact the due diligence process by determining which laws will govern your review.
By Lazaro Pena Ruiz, PricewaterhouseCoopers, S.C.
Preliminary Considerations
Like most Civil Law systems that are descendants of the Roman system, the Mexican legal system bases its functionality in the codification of its laws and at the same time grants more weight to the form in which legal acts are carried out than does the Common Law system. Mexican Commercial Law does not entirely escape this tradition. Although it is governed by a “lack of formalities” principle, there are several legal acts which must be carried out with determined formality otherwise “neither binding obligation nor legal action will be produced.”[1] Consequently, the formalism in Commercial Law is constrained mostly to written form, formal ratification or execution before a public attester, and lastly to recording the act before the Public Registry of Commerce.
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