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The US Federal Reserve has confirmed in its Main Street Loans frequently-asked-questions-faqs about the Main Street lending program (the “FAQ”) that US subsidiaries of foreign companies can be eligible borrowers under the various loans available under the program so long as they otherwise meet the other conditions to eligibility for the loans.
Continue Reading Main Street Loan Program – US Subsidiaries of Foreign Companies Can Apply

The Small Business Administration (“SBA”) in its implementation of the CARES Act just released an updated loan application form for borrowers who want to avail themselves of Title I – Paycheck Protection Program (“PPP”) loans. This form may be found here.
Continue Reading Paycheck Protection Program Loan Applications – Eligibility for Small US Businesses Owned by Latin American Companies

BACKGROUND

In 2005, Congress passed the Real ID Act, enacting national standards for obtaining state driver’s licenses and I.D. cards. These federally mandated standards require states to use enhanced security features and identification procedures, and to review documentary evidence of legal status, before issuing a driver’s license or identity document. The Act requires that only individuals with a Real-ID-compliant identity document may (1) access federal facilities; (2) enter nuclear power plants; or (3) board commercial aircrafts for domestic flights.
Continue Reading In January, Will You be Able to Board Your Domestic Flight With Your Current Driver’s License?

In a recent article in Entrepreneur, Sheppard Mullin partner Jonathan Meyer, a former Senate counsel to Vice President Biden and Deputy General Counsel at the Department of Homeland Security, points out that Congressional oversight of companies is likely to increase in the next two years, and discusses some of the hottest topics it is likely to focus on.  These include healthcare, financial reform and tax avoidance, cybersecurity and product safety, among others.  Companies should keep an eye on Capitol Hill, and be ready for what might come their way.
Continue Reading Congress Likely to Focus its Oversight Spotlight on the Private Sector

Mr. Mauricio Macri was sworn-in as President of Argentina on December 10, 2015. Four business days after taking office, Mr. Alfonso Prat-Gay, the new Minister of Finance,  announced the fulfilment of the campaign promise to end the severe restrictions regarding currency exchange, exports and imports that stagnated the country’s economy over the last four years and made a daunting, if not impossible, task for foreign companies to remit proceeds outside of Argentina, and for national companies to make transfers abroad.
Continue Reading Argentina Lifts its Currency Exchange, Exports, and Imports Restrictions

On June 5, new EU’s anti-money laundering (AML) rules, namely the Fourth EU Anti-Money Laundering Directive (“4AMLD”) and a new Regulation on the information accompanying transfer of funds were published in the Official Journal of the European Union.  Together, this legislation represents the revised EU framework on anti-money laundering and terrorist financing. Member States have until June 26, 2017 to transpose the requirements of the 4AMLD into national law. 
Continue Reading New EU Rules on Disclosure of Ultimate Beneficial Owners

Today, the Department of Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations to implement changes in U.S. policy toward Cuba announced by President Obama on December 17, 2014.
Continue Reading OFAC Issues Cuban Asset Control Regulations focused on the U.S. Financial Sector

Today President Barack Obama made a stunning speech announcing steps the United States will take to reduce U.S. sanctions against Cuba. The announcement followed the release of two U.S. citizens held by the Cuban government. Alan Gross was detained by Cuban authorities in 2009 while working as a USAID subcontractor. Separately, a U.S. intelligence officer, not named in the announcement but described by the President as “one of the most important” U.S. intelligence agents in Cuba, had been imprisoned in Cuba for nearly two decades.
Continue Reading A New Latitude: Charting a Course for Cuba

The U.S. Department of Commerce, Bureau of Industry and Security (BIS) has amended the Export Administration Regulations (EAR) to restrict exports to Venezuela of certain items intended for “a military end use or end user.”  These changes complement a pre-existing U.S. arms embargo against Venezuela – in place since 2006 – that was imposed because of Venezuela’s failure to cooperate on counterterrorism initiatives.
Continue Reading Drop Your Weapons: The United States Restricts Military Exports to Venezuela

According to the Los Angeles Times, Mexican officials have estimated the amount of laundered money in the Mexican economy at $50 billion annually—three percent of the legitimate Mexican economy.  The CIA World Fact Book labels Mexico as a “major drug-producing and transit nation”, as well as a “significant money-laundering center”.  Illicit cash flows from cartels have affected nearly every corner of the Mexican economy.
Continue Reading Attacking the Money-Laundering Problem in Mexico

“We are in the soup” exclaimed, federal judge Thomas Griesa, referring to Argentina allegedly defaulting on its sovereign bonds.  And so we are.

According to bondholders, on July 30 of 2014, Argentina defaulted on its sovereign debt for the eighth time in its history. That a developing nation is accused of defaulting on its international debt might not warrant legal headlines, but in this case the “soup” was precipitated by a court order from Judge Griesa, of the Southern District of New York.  Judge Griesa is presiding over litigation brought by Argentina’s “hold-out” bondholders, including hedge funds who refused to restructure their bonds after Argentina’s previous bond default in 2001, and chose instead to pursue judicial relief.Continue Reading Sovereign Litigation in Latin America: Top Five Issues To Think of When Doing Business With a Latin American Country