Madrid is currently hosting COP25, the Conference of the Parties to the UN Convention on Climate Change (UNFCCC). Yet this climate conference is closely associated with Latin America: Brazil was the original host for the summit, but those plans were changed. Chile then stepped in and, although it could not ultimately host, it still holds presidency of the conference. While the COP21 brought an agreement on the Paris Agreement “rulebook” and the countries pledged to work toward keeping this century’s global temperature rise below 2° Celsius, in Madrid leaders are tasked with fleshing out the measures needed to reach the agreed climate goals. Garrigues, which has a broad presence in Latin America, has compiled this summary of the climate plans in place in the different countries in the region.
On November 19, 2019, the new merger control regime was published in the Peruvian Official Gazette by means of an Urgency Decree. It mostly includes the same provisions set forth in the legislative text (Bill) that was approved by the Congress earlier on May 2, 2019, but that was finally not published. The new text holds some variations regarding the threshold and the date of effectiveness.
Practically all the Chilean political parties with parliamentary representation approved a decision, on November 15, to set in motion a process for granting a new political constitution, which will replace the current 1980 constitution.
The past October 31, the Urgency Decree N° 008-2019 was published, which, with a validity period of 1 year, provided certain measures in order to guarantee the continuity of nationally paralyzed public works. These provisions sought the culmination of these projects, in order to achieve an effective provision of the public services involved.
In the context of the New Social Agenda presented by the Chilean government on November 2, 2019 Law No 21,185 was published in the Official Gazette, creating a transitional mechanism for stabilizing electricity prices to customers under the regulated price system.
On October 1, 2019, the Ministry of the Environment and Natural Resources (SEMARNAT) published an agreement laying out the preliminary terms for setting up a pilot program for the emissions trading system, to be run at no cost to participants.
Legislative Decree No. 1372, whose regulation was approved through Supreme Decree No. 003-2019-EF, established that legal persons and legal arrangements have the obligation to inform SUNAT about the identity of their ultimate beneficiaries. Nonetheless, up until recently, SUNAT was pending to issue a resolution establishing the procedure, deadlines and conditions in order to comply with such obligation.
The most relevant updates of The Americas from the global International Arbitration and ADR practice group at Garrigues.
With the issuance of Decree 1351 of 2019, some provisions of Decree 2555 of 2010, were modified related to investments in participations issued by stock exchange funds, temporary transfer operations of securities in the counter market, and the disclosure of information in the securities market through electronic means, among others.