Sheppard Mullin

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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.Continue Reading IRS Issues Final Regulations Requiring Reporting by Financial Institutions of Interest Payments Made on U.S. Accounts of Non-Resident Individuals

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.Continue Reading Mexico Continues to Entice Private Investment in Infrastructure With a New Public-Private Partnership Act

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.Continue Reading The Chevron Ecuador Saga Continues as Second Circuit Overturns Anti-Enforcement Injunction

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.Continue Reading Argentina’s Parliament Approves A Measure Limiting Amount Of Land That Can Be Purchased By Foreigners

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.Continue Reading Single Shareholder/Partner entities in Mexico

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.Continue Reading Doing Transactions in Mexico – Conducting Due Diligence

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.Continue Reading Taking a Cue From Brazil’s Sustainable Development Practices Past and Present

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.
 Continue Reading United States Increases Entertainment Exports to Latin American Markets

By Curt Dombek

Companies are reporting a significant increase in intellectual property seizures at U.S. ports in recent months, resulting in increased supply chain disruptions.  Unfortunately, not all of this activity can be explained by more effective enforcement methods.  More cases of erroneous seizure have also been observed, and some of these are attributable to difficulty in tracing the valid licensing authority for components incorporated in products that have been manufactured abroad.
 Continue Reading Increasing Level of Seizures by U.S. Customs

By Bram Hanono

In the recent case of Bauman v. DaimlerChrysler Corp. (No. 07-15386 (9th Cir. May 18, 2011)), the Ninth Circuit expanded the use of "agency theory" to impose personal jurisdiction over a foreign corporation doing business in the U.S. solely through its U.S. subsidiary. The court found jurisdiction based on the subsidiary’s contacts within California, even though the lawsuit was initiated by non-U.S. residents regarding acts allegedly committed in a foreign country that had nothing to do with the subsidiary’s contacts.
 Continue Reading Ninth Circuit Finds Jurisdiction Over Foreign Corporation Based On Its Subsidiary’s Contacts in the United States