LatAm

10-18-2021
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.
10-04-2021
On September 30, 2021, the Executive Branch of the Mexican Federal Government submitted a bill to amend articles 25, 27 and 28 of the Political Constitution of the United Mexican States (the Reform Bill). If approved, this measure would, among others, repeal the constitutional reform of the electricity sector passed on December 20, 2013 (the 2013 Energy Reform), restore the state-dominant position in Mexico’s electricity industry through the Federal Electricity Commission (CFE) and limit and control private participation in power generation, removing at a stroke the regulatory agencies that currently govern the national electricity system and the wholesale energy market.
10-01-2021
Garrigues has added another regional award to its collection after being named Infrastructure Law Firm of the Year: Southern Cone by financial publication Latin Finance at the Project & Infrastructure Finance Awards, which recognize the best Latin American projects and finance deals in the infrastructure sector. Six financing deals advised on by Garrigues, in the specific areas of social infrastructure, digital infrastructure and telecoms, energy and ports, were also winners.
09-24-2021
On September 23, 2021, Supreme Decree No. 6 of 2021 of the Ministry of Economy, Development and Tourism was published in the Official Gazette approving the Electronic Commerce Regulation. The purpose of this regulation is to strengthen the transparency and quality of the information provided to consumers on e-commerce platforms in order to encourage informed decision-making, and thus strengthen consumers' right to free choice. 
08-25-2021
​​​​​​​The Garrigues office in México has, for the sixth consecutive year, received the Empresa Socialmente Responsable (ESR® 2021) award granted by the Mexican Center for Philanthropy (Centro Mexicano para la Filantropía or Cemefi) and the Alliance for Corporate Social Responsibility (Alianza por la Responsabilidad Social Empresarial or AliaRSE) to enterprises that comply satisfactorily with the standards established in the areas of corporate social responsibility.
08-20-2021
On August 13, 2021 the Chilean IRS (Servicio de Impuestos Internos) issued Exempt Resolution No. 95 (Resolución Exenta No. 95), establishing the instructions to implement the registration under the new voluntary Registry of Foreign or International Financial Institutions as well as establishing the format by which a lender must provide the Borrower a statement confirming that it has not entered into a structured agreement (acuerdo estructurado) in accordance with Article 59 N°1 (b) of the Chilean income tax law (Ley de impuesto a la renta).
07-23-2021
La Norma de Carácter General (NCG) N° 457, de 19 de julio de 2021, de la Comisión para el Mercado Financiero (CMF), implementa de forma permanente disposiciones de la NCG N° 443 de junio de 2020 que simplificaban la inscripción de títulos de deuda en el Registro de Valores hasta el 30 de junio recién pasado. Asimismo, ciertas emisiones efectuadas por entidades bancarias deberán ahora acogerse a las normas generales para emisores. Se dictan también otras normas sobre información al mercado.
07-14-2021
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.

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