NPL transactions continued to take off in the third quarter of 2021. A growing interest in NPL securitizations has been perceived, especially in Spain. In Europe, meanwhile, talks continue on two key topics: the draft directive on credit purchasers and credit servicers – which has made great progress –, and talks on the European Banking Association’s templates aimed at simplifying NPL portfolio transactions. The gradual disappearance of forbearance programs and other support measures in Latin America, Spain and Portugal are fueling very reasonable estimates on the forthcoming launch of new transactions.
Filing an appeal against a Portuguese award is possible but parties should be aware of the details, requirements and peculiarities of this mechanism, especially when issues of constitutionality are raised during the proceedings.
The regulatory development of the remuneration register goes beyond what the legal rules would allow and generates numerous interpretative doubts.
Investment arbitration has not been without its critics in recent years. Following the Achmea decision, which it has been said drove a stake through the heart of investment arbitration in the European Union, this mechanism has prompted criticism and the Latin American context is not exception.
Companies competing in the same market must analyze whether a possible alliance between them is in compliance with the country’s antitrust legislation. To do so, they should bear a number of factors in mind which could be anti-competitive or which, on the contrary, could generate enhancements or efficiencies under the agreement. We analyze below all key points in relation to this type of transactions in Colombia.
The Andean Community Court of Justice (Tribunal de Justicia de la Comunidad Andina or TJCA) has clarified the cases in which arbitrators can request a “preliminary interpretation” (interpretación prejudicial) in the arbitration proceedings they conduct, where they are required to establish, create or apply a statutory principle for the interpretation of Andean legislation in order to settle a dispute submitted for arbitration. The TJCA issued this clarification in a decision handed down in proceeding 01-IP-2021, published in the Official Gazette of the Cartagena Agreement (Gaceta Oficial del Acuerdo de Cartagena) of May 6, 2021.
Transactions with non-performing loans (NPLs) started to take off in the second quarter of 2021, especially in Spain and Portugal. The gradual fading in continental Europe of the health impact of COVID-19, combined with the progress made in vaccinations, have allowed various “sleeping” transactions to be brought back into motion and new transactions to be closed between the first and second quarters of 2021. Meanwhile, in the global arena, there have now been numerous alerts from regulators over the deteriorating quality of financial institutions’ loan assets. The coming to an end of governmental relief or forbearance measures, combined with the heightened impact of COVID-19 on very specific business sectors, are likely to hasten the pace of NPL transactions over coming months.
Software as a Service or SaaS, which allows remote technological support to be offered across borders, raises various questions in tax matters in an interconnected world. In this article, Garrigues tax experts analyze the tax treatment of SaaS in different Latin American countries, in a graphic and simplified way.
The different jurisdictions in the Latin American region are proposing new regulatory schemes on 'fintech' matters. In this article we analyze the main regulatory trends in Chile, Colombia, Mexico, Peru and Brazil.
The European Central Bank (ECB) plans to announce shortly whether it will launch a design and creation project for a digital euro, something which, as the institution itself has said, would have an immense impact. We need to know therefore what the digital euro would be legally and what implications it could have for many parties in the financial system and in particular for banks and other financial institutions.