The Ministry of Public Works and Communications (MOPC) has issued a tender for the design and construction of asphalt paving on the San Cristóbal – Paso Yobái section of Route PY10. This project will be entirely contractor-financed under the "turnkey" modality, in compliance with Law 5074/13.
The FERRERE partners were once again recognized for their leadership and expertise.
The upcoming regional event will be held on Wednesday, December 4, in Montevideo.
The firm obtained the highest possible rating in the three jurisdictions where it has a presence.
Expansion of the Punta de Rieles Unit will involve an investment of approximately USD 50 million.
The prestigious legal publication recognized the firm in the three jurisdictions where it has a presence.
FERRERE’s advice included comprehensive legal support to the buyer throughout the transaction, including the due diligence stage, the acquisition and closing process, as well as tax issues.
The funds will be allocated to the largest public infrastructure project in the country’s history.
This establishes the conditions for the application of administrative sanctions for noncompliance with obligations regarding ultimate beneficiary information.
The agribusiness has begun operating directly in the country.
They were recognized for their work, experience and expertise in their markets and regionally.
The FERRERE attorney was once again distinguished in the recent update of the IP Stars ranking.
This deposit marks the three-month countdown for the Treaty to enter into force in Uruguay.
A decree established a series of measures to promote the participation of the paraguayan metalurgic industry on the supply of metal structures.
The recognition was garnered in the context of the ITR Americas Awards 2024.
The New Energy Policy aims to consolidate Paraguay's position as a key player in regional energy integration, through overarching goals to strengthen the national electricity sector and key subsectors such as: electricity, binational hydroelectric entities, bioenergy, renewable alternative sources, and hydrocarbons.
The nearly USD 8 million granted will be used for infrastructure improvements on four national routes
It will be the second of its kind in Latin America and will involve an investment of over USD 850 million.
The project, which will be funded by a loan of USD 75 million, will consist of three units with a capacity for 1,400 inmates.
The recognition covers all three jurisdictions and all Tax leaders.
The publication acknowledged 28 professionals and 27 practice areas in Bolivia, Paraguay, and Uruguay.
The agreement is part of the agency's fleet renewal program.
This acquisition represents a new milestone in Barentz's diversification and expansion strategy in South America.
The firm is a finalist in two jurisdictions, for its pro-bono work at regional level and for the leadership of its professionals in diversity and inclusion.
The Ministry of Public Works and Communications (MOPC) has published the terms and conditions for the tender of the Public-Private Partnership (PPP) project related to the design, financing, construction, maintenance, and operation of Route PY01, in the Cuatro Mojones - Quiindy section.
The publication recognizes 13 practice areas and 36 of the firm’s practitioners.
This is an important step in consolidating bilateral relations between both countries.
FERRERE is pleased to announce that it has made Erika Bañuelos a partner at its Paraguay office. This news, in addition to strengthening the firm’s tax and customs practice, reflects FERRERE’s commitment to generating opportunities and to diversity.
The landing in the country is part of its process of expansion in LATAM.
The publication specializing in taxes nominated the firm in the three jurisdictions where it has a presence.
The aim of this venture is to manufacture metalic products for the Paraguayan market.
Moody's has granted "investment grade" to Paraguay, marking a historic and unprecedented event as it is the first time Paraguay has received such a rating.
The leader of FERRERE’s regional Litigation and Arbitration team has once again been recognized in the guide prepared by WWL and GAR.
Paraguay’s largest bank by client portfolio and solidifying its position as the country’s first digital bank.
The FERRERE partner renews her mandate for another three years.
The awards highlighted the firm’s work with the Down Association of Uruguay, while Verónica Raffo was recognized as leader in Diversity and Inclusion.
The country will enter one of the most important international agreements regarding national registration for inventions.
The awards, organized by Legal Media Group, recognized FERRERE’s initiatives in gender equality, as well as its women lawyers’ work in different practice areas.
The Paraguayan government has announced a new tender under Law 5074/13 for Turnkey Projects. This initiative involves paving 75 km of Route PY10, from San Cristóbal, through Caazapá, to Paso Yobái in Guairá. The estimated investment is USD 100 million, with the works expected to be completed within three years.
The Uruguayan firm is the country’s chief electronic payments processor.
The airline will operate the MVD-BUE route, with a frequency of two flights a day, contributing to the region’s connectivity.
The firm and its practitioners received recognitions for their Intellectual Property practice
The National Electricity Administration (ANDE) of Paraguay has announced a tender for the sale of electricity to the Free Contracting Environment (ACL) of the Brazilian Electricity Market (MEB). Below are the 10 most important points to consider.
FERRERE’s regional managing partner is considered one of the world leaders in the trademark practice area.
This historic judgment for Uruguay is the first of its kind that could be reviewed by the Supreme Court of Justice.
The company made an important local acquisition.
In the inaugural edition of the awards, FERRERE and its partner Verónica Raffo were selected among the finalists.
The firm was recognized as the country’s chief corporate and financial law firm, in the IFLR Americas Awards.
In Paraguay, every year importers, exporters, and other persons related to the customs activity (PVAA as per its Spanish acronym) must update their information and renew their licenses by April 30.
SENACLAFT imposed 50 sanctions, including 16 warnings, 20 observations and 14 fines.
This includes sanctions and infractions regarding the legitimization of illicit profits and financing of terrorism, among others.
Bolivia ended in the 137th place in this regard, which translates to a 11 place drop compared to last year's position.
The funds will allow it to expand its operations at Port of Montevideo.
Firm and individual awards will be announced at a gala in New York on June 13.
The firm works with dozens of the region’s 100 largest firms.
Our firm and its practitioners have once again been recognized by the prestigious guide.
The inaugural edition of this select list includes Loizaga and Martín Cerruti.
The firm is a finalist in the Firm of the Year category, both in Paraguay and Uruguay.
The publication specializing in Intellectual Property will recognize the most outstanding firms and practitioners of the year.
The agreement will allow both companies to expand and optimize their operations in Latin America.
The Central Bank of Bolivia, in coordination with the Bolivian Association of Banks, announced the structuring of the BCB Dollar Bond.
The publication recognized four practice areas and thirteen practitioners in the three jurisdictions where FERRERE is present.
The company also announced a major investment plan in Paraguay.
A family protocol is a legal instrument used to organize and adapt a business family’s values to the business it conducts.
The ASFI approved changes to the Regulations on Interest Rates, Commissions and Fees and the Reporting Regulations.
Early today, the National Government and a group of business organizations representing diverse industries reached an agreement on measures seeking to counteract, or at least mitigate, Bolivia’s current exchange difficulties.
The publication recognized the Trademark practice in Bolivia, Paraguay and Uruguay, as well as six of its professionals.
On February 7 and 8, subscriptions were placed for securities issued by the Financial Trust of the Financing Fund for Renewal of Montevideo Urban Transport I, in the amount of UI (Indexed Units) 248,000,000 (approximately USD 37 MM), on Uruguay’s electronic securities exchange, Bolsa Electrónica de Valores.
The company will distribute Bacardi brands in Bolivia.
The year 2024 began with important legislative developments in antitrust matters in Uruguay, particularly in relation to merger control regulations.
For operation and management of the first “five-star plus” luxury hotel in Asunción.
Through Resolution No. 2218 dated December 29, 2023, the Ministry of Public Works and Communications (MOPC) published the list of pre-qualified bidders that will compete for the award of the Public-Private Partnership contract within the framework of the project for the expansion and improvement of Route PY01 (PPP Project) under Law No. 5102/2013 of Public-Private Partnership (PPP Law).
The guide is prepared by WWL and GAR, two internationally renowned legal publications.
The claim by the fund’s former general manager, for USD 586,000, was rejected by the trial court and on appeal.
Only 38 firms in Latin America make this select list, thanks to their leadership and work in ESG.
Based on research conducted by Latin Lawyer and the Cyrus R. Vance Center for International Justice.
Ueno becomes a digital bank in Paraguay.
In Chambers Latin America Awards 2023.
Following an exhaustive audit of sustainability, origin, leadership and management, and export capacity.
The recognition was announced at the Chambers Latin America Awards 2023.
The Brazilian bank acquired 40% of the Uruguayan fintech.
The firm worked with the production company on all stages of the film.
The list of LACCA Approved Lawyers is one of the most foremost in the sector.
The firm was recommended in 23 practice areas and 68 of its practitioners were recognized in its three jurisdictions.
We share the chief factors making Paraguay one of the region’s most attractive destinations for investment.
Two wind farms and a solar energy plant were sold.
On October 12, 2023, the President of the Republic of Paraguay signed and enacted Law 7190/2023, of Carbon Credits. The law provides the country with a specific regulatory framework for the development of projects that generate carbon credits for sale in international carbon markets, whether compliance or voluntary.
On September 1, 2023, SENACLAFT published the updated list of Politically Exposed Persons for Uruguay.
Updated instructions for documentation and information to be submitted by proponents of cannabis-related projects, to obtain SENACLAFT review, were published.
The Report was prepared based on information provided by the Seized Assets Fund, the Ministry of the Interior, the Central Bank of Uruguay, the Judiciary and SENACLAFT itself.
The document is the starting point for a National Strategy for Preventing and Combatting Asset Laundering, Terrorism Financing and Proliferation of Weapons of Mass Destruction
The Americas Society/Council of the Americas Think Tank and the consulting firm Control Risk released an index on the Capacity to Fight Corruption.
Transaction will provide USD 30 million in additional project funds.
Tier 1 in all areas of the ranking and 13 recognized professionals
The company is currently in the process of expanding in LATAM.
The project aims to provide the country with a specific regulatory framework for the development of projects that seek to generate carbon credits for sale in international carbon markets, whether compliance or voluntary.
FERRERE advises Centerbridge Partners on USD 700 million loan
Legal representatives of three different companies were sentenced to imprisonment for having evaded contributions to the Social Security Institute (IPS), even though the employee contribution from their employees was deducted
Epet Hold LLC acquired 99% of the capital shares of the Bolivian company.
The firm was recognized as Firm of the Year both in Paraguay and Uruguay.
Ferrere has been nominated twice for Firm of the Year, and once for its work in Diversity and Inclusion at regional level.
In its report, the publication praises 27 professionals in 22 practice areas.
With a total of 12 practice areas and over 30 recognized practitioners, FERRERE continues to strengthen its leadership position in the jurisdictions where it is present.
The publication points not only to its awardees’ broad experience in the most important disputes worldwide, but also to their ability to innovate and inspire.
On April 12, 2023, la Senaclaft issued its annual report on its work during the 2022 year.
On June 27, 2023, Senaclaft issued a new update of the List of Politically Exposed People.
In March 2023, the Financial Action Task Force (FATF) issued new guidance making changes regarding the notes interpreting Recommendation 24 on transparency and information on beneficial ownership of legal entities.
On April 18, 2023, the National Anti-Money Laundering and Counter-Terrorism Financing Secretariat (SENACLAFT) held a webinar for nonfinancial sector reporting entities, in which noted the following as the chief weaknesses detected in inspection processes.
Between April and July of 2023, the Secretariat for the Prevention of Money and Asset Laundering (SEPRELAD), issued several resolutions through which it authorized the implementation of the Integral Operations Report System (SIRO) for several categories of obligated subjects.
From Bolivia, a broad team worked on a deal reaching 10 LATAM markets.
The Financial Action Task Force of Latin America (GAFILAT) approved the first report of progress presented by the Paraguayan government, which detailed the improvements implemented to the money laundering and financing of terrorism prevention system
These Instructions for Operators of Gaming and Casino Activities lists all legal entities with an operating license issued by the Supervision Authority of Gaming (AJ), to carry out Gaming and Casino activities in their parent companies and branches as obligated parties.
Its objective is to establish prevention measures for ML/FT Risk Management and FPADM for DNFBPs and its application reaches companies with real estate activity and companies with legal or accounting activities, both qualified as large taxpayers. Non-large taxpayers and notaries public are excluded.
These Instruction establish the rules for the Application of Procedures for the Preventive Freezing and Unfreezing of Funds and Other Assets of persons and entities linked to Terrorism, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction nominated in lists of the United Nations´ Security Council or in requirements of countries of International Cooperation.
Most notably: nominations for “Tax Firm of the Year” in Bolivia, Paraguay and Uruguay.
With a team of over 60 practitioners and participation in the most relevant transactions, FERRERE has proven its leadership in the local legal market.
Less than 150 practitioners were recognized in the guide, which includes only three for Uruguay.
This is a first-of-a-kind transaction, as the first merger process in Paraguay between publicly traded banking institutions.
The issuance consolidates the organization’s confidence in Paraguay.
The lab is the first of its kind in LATAM and will be located in the LATU Technology Park.
In turn, the publication highlights three of the team’s practitioners.
The FERRERE Paraguay team advised CAF on registration as Securities Market Issuer and on its first global issue in local currency.
On May 31, 2023, the Ministry of Public Works and Communications (MOPC) carried out the opening of applications from interested bidders for the project of expanding and improving Road PY 01 under Law No. 5102/2013 of Public-Private Partnerships (PPP).
In the context of the IFLR Americas Awards 2023.
The award corresponds to the category "Mergers and Acquisitions: private companies."
The recognition was given by 5 Días based on clients’ preference and brand recognition.
The FERRERE Paraguay family business team, made up of partner Carlos Vasconsellos, senior associate Maurizio De Oliveira and associate Fernanda Benítez, advised and accompanied the González family during the process of drafting and signing a family protocol, which consists of an instrument that will govern family relations in the business sphere.
Bestinver and Aberdeen acquire Circuito Vial 3 for USD 235 million.
On May 5, 2023, Law No. 1503 of May 5, 2023 (hereinafter, the “ Law”) was published in the Official Gazette of the Plurinational State of Bolivia, on the purchase of gold for the strengthening of Bolivian International Reserves.
The publication recognizes the best IP teams and professionals in the region.
The value of the purchase is of approximately USD 1.2 billion.
The awards ceremony will take place on June 8 in New York.
As of February 24, 2023, FATF sanctioned Russia and suspended its membership.
On January 11, 2023, the Uruguayan Tax Administration (DGI) published its list of low- or no-tax countries that took effect on January 1, 2023 (Lista BONT).
According to the Corruption Perceptions Index 2022, prepared by the NGO Transparency International, Uruguay moved up one point with respect to the previous year, consolidating its leadership position in the region.
In February and March of 2023, the Secretariat for the Prevention of Money and Asset Laundering (SEPRELAD), issued several resolutions through which it authorized the implementation of the Integral Operations Report System.
On January 26th, 2023, the Office of Foreign Assets Control (OFAC) of the United States. Department of the Treasury imposed sanctions on Horacio Cartes, former president of Paraguay, four companies owned by him (Tabacos USA Inc., Bebidas USA Inc., Dominicana Acquisition S.A. and Frigorífico Chajha S.A.E.), and Hugo Velázquez, the current Vicepresident of the country. Subsequently, OFAC imposed sanctions on fifth company owned by Horacio Cartes, Tabacalera del Este S.A., the economic group´s largest company and the second largest taxpayer in Paraguay. The sanctions also extend to any entity owned 50% or more by any of the aforementioned individuals or companies, directly or indirectly.
The Bolivian government is in under the focus of the Latin American Financial Action Task Force Commission (Gafilat, for its acronym in Spanish), which will arrive in the country this April to evaluate money laundering cases. The Minister of Justice, Ivan Lima, announced that an evaluation will be carried out on the status of the ongoing criminal procedures related to the legitimization of illicit profits. He also pointed out that it is regrettable that out of the 628 processes files, only 18 have been sentenced and 9 of them are absolutory.
The ceremony will be held on May 18, 2023, in New York.
The Presidential Decree affects the provisions of Law No. 60/90.
Under Public-Private Partnership (PPP) Law 5102/13, the Ministry of Public Works (MOPC) has issued the prequalification specifications for the design, finance, construction, operation, and maintenance of Road PY01 in the Cuatro Mojones - Quiindy stretch.
The award ceremony, organized by Latin Lawyer, will be held May 11 in Sao Paulo.
The family business team at FERRERE Paraguay advised and accompanied the Coronel González family on the process of preparing and signing a document governing the family’s relations, known as a “family protocol.”
The prestigious publication recognized the work of diverse practice areas of the firm and 10 of its practitioners.
The transaction was recently approved by the Central Bank of Uruguay.
GlobalLogic acquired 100% of the shares of Hexacta affiliates in Uruguay, Argentina, Peru and Colombia.
On January 30, 2023, the Executive Branch approved a publicly initiated project under Law No. 5102/2013 regarding Public-Private Partnerships ("PPP").
Latin Lawyer y Cyrus R. Vance Center for International Justice recognized FERRERE in its three jurisdictions.
The Financial System Supervision Authority (ASFI) approved Amendments to the Securities Market Registry Regulations and Related Rules (Circular 749/2022), published in the Financial Regulation Electronic Gazette (GERF). The changes reflect guidelines for issuance of Green Bonds, Social Bonds and Sustainability Bonds implemented by the International Capital Market Association (ICMA) and recommended for promoting integrity in bond market development, as well as transparency and disclosure of information.
With a regional presence, the company focuses on representing and importing medical equipment.
This appointment is effective as of January 1, 2023
FERRERE members distinguished in the Arbitration 2023 guide prepared by Global Arbitration Review (GAR) and Who’s Who Legal (WWL).
The two companies acquired a minority stake in a Brazilian farm sector solutions company.
Residential and office towers plus a shopping center, for an investment of USD 45 million.
When does it mean when we talk about Sustainable Procurement, Procurement with Impact or Sustainable Value Chain?
The transaction will result in the creation of one of the most important banking groups in Latin America.
Cruzimex is one of the country’s most important mass market companies, with over 500 brands.
Awards were announced in the annual guide prepared by the Latin American Corporate Counsel Association.
In 2019 SENACLAFT and the National Sports Secretariat (SND) signed a cooperation agreement for oversight of nonprofit organizations in connection with Anti-Money Laundering and Counter-Terrorism Financing efforts.
On September 5, 2022, the National Anti-Money Laundering and Counter-Terrorism Financing Secretariat (SENACLAFT) updated the list of Politically Exposed Persons.
In May 2022 the BCU submitted a preliminary draft bill of law to the Ministry of Economy and Finance for regulation of virtual assets, based on the Conceptual framework for regulatory treatment of Virtual Assets in Uruguay, issued by BCU in December 2021.
On September 19, 2022, the BCU published new draft regulations that, if approved, will involve changes in rules on client due diligence procedures that must be implemented by supervised institutions.
Decree 272/022, published September 5, 2022, has made changes in regulations for reporting owners and ultimate beneficiaries to the Central Bank of Uruguay (BCU).
In commemoration of the National Day for the Prevention of Money Laundering, which is celebrated every October 29, SEPRELAD launched the campaign "Don't stain your hands with dirty money", organized by SEPRELAD with the support of several public and private institutions.
SEPRELAD's representatives together with the representative of the United Nations Development Program ("UNDP") in Paraguay are analyzing cooperation opportunities in the fight against money laundering and organized crime.
As of September 19, 2022, individuals and legal entities engaged in the purchase and sale of jewelry, precious stones and metals must register or, as the case may be, re-register as regulated entities before SEPRELAD, through the Integrated System for Reporting Operations ("SIRO").
On August 30, 2022, the Secretariat for the Prevention of Money and Asset Laundering ("SEPRELAD") issued Resolution 369/22 "whereby it approves the regulations for the prevention of money laundering (“ML”) and the financing of terrorism (“FT”) with a risk-based approach for political organizations" (the "Resolution").
Los Lazos S.A. meatpacking plant will be built with an investment of USD 35 million and create jobs for over 350 new employees.
At regional level, 67 practitioners were recognized in 21 practice areas.
Historic agreement between the Government of Paraguay and Terminal Occidental S.A.
Uruguay and Paraguay teams participated in the asset purchase.
The Cazal Britos family owns the recognized construction industry company Proyec S.A.E.
FERRERE's expert was highlighted as a Rising Star.
The company is one of the world’s largest providers of customer relationship management and business process outsourcing services.
The firm garnered four recognitions in its three jurisdictions.
A group of banks granted Alicorp a USD 220 million line of credit.
FERRERE is Tier 1 in all ranking areas.
FERRERE’s client is the principal investor in the USD 35 million transaction.
The specialized publication also recognized five of its practitioners.
It aims to finance projects related to Uruguay’s second energy transition.
In its latest edition the publication highlights 12 practice areas and over 30 practitioners.
The firm was awarded the highest ranking possible in Paraguay and Uruguay, while 27 of its practitioners in 22 practice areas garnered recognition.
The financial entity became a bank and went from being an S.A.E.C.A. to an S.A.E.
The company is one of the leading multinationals in the country’s farm sector.
The country’s first pulp mill.
A Uruguayan investment fund acquired 70% of the farm inputs company’s shares.
Including one regional, two individual, and six for the three jurisdictions in which the firm has a presence: Bolivia, Paraguay and Uruguay.
This is the first edition of the guide that assesses engagement with ESG criteria.
With this acquisition, Insigneo will exceed USD 17 billion in client assets, and will provide services to over 400 investment professionals.
The recognized ranking, covering Project Finance, Banking and Finance, and Corporate, puts FERRERE in TIER 1 for Bolivia, Paraguay and Uruguay.
First publicly-traded real estate investment income fund registered in Paraguay.
At individual level, Leaders League distinguished Agustín Mayer West, Alejandro Alterwain and Stella Weng, practitioners on the firm’s Uruguay IP team.
The deal, which closed at the outset of June, included trademarks, vehicles, nonrecordable assets and real estate in Paraguay.
The publication points not only to the vast experience of these practitioners in the most significant disputes worldwide, but also their ability to innovate and inspire.
The purpose of this issue is the financing of small and medium companies in the local private sector.
For financing the Central Railway project, aimed at improving connectivity between Montevideo and Uruguay’s interior.
On a convertible note financing arrangement for up to USD 60 million, issued by Seacrest Petroleo.
On May 19, 2022, the Executive Branch issued Decree No. 7,086/2022, which establishes an exceptional and transitory regime for taxpayers to regularize their tax debts.
In the fifteenth edition of its prestigious GAR 100 ranking, Global Arbitration Review once again named FERRERE as one of the leading international arbitration practices worldwide.
The FERRERE attorney was recognized in the context of the IFLR Americas Awards 2022.
For the third consecutive year, in the context of the IFLR Americas Awards 2022.
With this deal, CDPQ has entered the power transmission market in Latin America.
Latin Lawyer announced the winners in 11 categories of its 16th annual Deal of the Year Awards 2021, at an event held in Sao Paulo.
The specialized Intellectual Property publication, IP Stars, has updated its annual rankings, recognizing FERRERE in various categories.
Newsletter written by Erika Bañuelos, Horacio Sánchez Pangrazio and María Julia Méndez.
The awards ceremony will be held on June 9 in New York.
FERRERE also took first and second place in the local rankings for the volume of its client portfolio.
The international hotel chain signed a hotel operation agreement in the country.
According to the majority view of lawyers in the United States and Europe, ESG factors will be decisive when closing deals over the next 5 years. The trend is a reality in Latin America. Companies must be prepared.
A large team in FERRERE Bolivia advised Manuchar NV on the sale of 100% of its issued share capital to the US private equity group Lone Star Funds.
The specialized publication highlights the firm’s work in Trademark and Intellectual Property matters.
11 professionals were recognized in Corporate and Finance.
A large team from FERRERE participated in the deal.
FERRERE’s advice on this transaction was provided under a Chinese wall arrangement, with different teams advising buyers and sellers.
Recognition awarded by Latin Lawyer together with the Cyrus R. Vance Center for International Justice.
On December 22, 2021, SENACLAFT published the updated list of Politically Exposed Persons for Uruguay.
Decree No. 355/021 published in the Official Gazette on October 27, 2021, establishes the obligation of establishing an electronic domicile (DOMEL), with the National Anti-Money Laundering and Counter-Terrorism Financing Secretariat (SENACLAFT).
On October 1, 2021, the Central Bank of Uruguay issued Communication 2021/199, in connection with the Financial Information and Analysis Unit, authorizing and regulating digital filing of unusual or suspicious transaction reports by nonfinancial reporting entities (article 13 of Law No. 19,574).
On September 1, 2021, the Secretariat for the Prevention of Money and Property Laundering ("SEPRELAD") issued Resolution 316/21, extending to trust companies authorized to operate as such in Paraguay in accordance with Article 19 of Law 921/96 "On Fiduciary Businesses" the obligations in matters of PMLTF that Resolution 70/19 of SEPRELAD imposes on banks and financial companies.
The Shadow Report to the United Nations Convention against Corruption ("UNCAC") published by the Non-Governmental Organization "Seeds for Democracy" in November 2021 highlighted important advances in legislation and the development of anti-corruption public policies by the Paraguayan State between 2018 and 2021.
On Wednesday, December 8th, the Minister of Justice, Iván Lima Magne, explained that in March 2022, the judicial reform will be carried out based on the announcement made by the President, Luis Arce Catacora, in a report to international organizations.
They were recognized as “LACCA Approved Lawyer” in the 2022 guide prepared by LACCA.
The transaction was unconditionally authorized by the local competition regulator.
As a result, Grupo Itaú will be positioned to develop a new area of operations within the insurance sector.
The transaction, which closed with a bank loan, concluded on October 29.
On the acquisition of two Uruguayan companies in the Information Technologies sector.
At an initial stage, the investment is estimated at USD 100 million, to be increased to USD 500 million later.
The project is the design, construction, operation and financing of highway infrastructure for Route No. 9 and Route No. 15.
The issue was structured under an Offering Program for a total of up to the equivalent of USD 150 million, to be issued in different series.
The new ranking for Latin America recommends FERRERE in 21 practice areas among the three jurisdictions, along with 54 of its practitioners.
The financing consists of one long-term line of credit and one debt service reserve line.
Transfers closed in each of the countries on September 1, 2021.
The FERRERE practice comprises a full team of expert practitioners in a wide range of tax issues.
The publication highlights 24 FERRERE practitioners in 21 practice areas.
This year, the awards ceremony will be held on December 3 in New York.
On granting two lines of credit -for a total of approximately USD 663 million.
The new agreement modified a current line of credit for USD 1.4 billion, originally issued in April 2020, increasing it to USD 1.6 billion.
FERRERE is also ranked TIER 1 in its three jurisdictions.
The publication recommends the firm in 11 practice areas and distinguishes over 30 of its practitioners.
The financing comprises a 10-year principal loan of USD 35,000,000, and an equity investment of USD 10,000,000.
The transaction, for a total of USD 170 million, geared to improving the city’s transportation infrastructure.
The transaction, which closed on July 19, was for a total of USD 34 million.
FERRERE continues to be positioned as one of the most prestigious and experienced firms in the region in three key areas: Project Financing, Banking and Finance, and Corporate.
This year’s GAR 100 includes just under 20 firms in all of Latin America.
The subscription stage demonstrated the interest in the project, with investor demand for a total of USD 243.5 million outstripping the offer by 63%.
The Legal 500 prepares the ranking based on its research team’s expertise, as well as the opinion of numerous arbitrators, general counsel and arbitral institutions.
At this initial stage, Eastern airlines will be operating the Miami-Montevideo route with two frequencies a week, carrying a maximum of 244 passengers each way. This was great news for Uruguay, since it had lost its direct connection with US.
Before her appointment as Vice President, Sandra González was an alternate member of the Court representing Uruguay, from 2018 to 2021.
The transaction closed on June 1, 2021.
The publication also recognized various FERRERE practitioners as "IP Stars".
The recognition came in the context of the IFLR Americas Awards 2021.
The Webinar "Law No. 6324/19: Electricity distribution and transmission projects with sovereign guarantee of the Paraguayan Government" organized by FERRERE took place on May 21, 2021.
They were distinguished for their experience, and for having led some of the most relevant and complex transactions in the region’s legal market.
The Uruguayan Competition Commission approved the transaction, accepting the remedies offered and negotiated with the parties, in the first phase 2 procedure approval in Uruguay.
The acquired companies operate a fleet of more than 90 vessels and move an estimated 1.6 million tons of dry bulk cargo a year.
For the design, construction, operation and financing of road infrastructure for Route number 3, section Route number 1 – Route number 11, and Bypass to the city San José de Mayo.
On the acquisition of 100% of the shares of Providencia S.A. de Seguros, a local insurance company, to expand its line of business in Paraguay.
The international publication particularly notes the firm’s work in Banking & Finance, as well as in Corporate, Commercial, and Mergers & Acquisitions.
With this, direct connectivity between Miami and Asunción –that had been cut off since 2015- will be reinstated.
New Private International Law Act modernizes rules for international contracts.
FERRERE is recommended in 14 practice areas in the different jurisdictions where it is present and has 39 ranked professionals, reflecting the quality of the services it offers its clients.
Firm of the year in Ecuador and Firm of the year in Uruguay are only two of the five awards FERRERE received from International Financial Law Review (IFLR), the prestigious specialized publication, in its IFLR Americas Awards 2020.
The Government extended the quarantine until May 31 in a dynamic and conditioned manner, arranged within the framework of the declaration of sanitary emergency established throughout the territory of the Plurinational State of Bolivia.
The Paraguayan State, through the Subsecretaria de Estado de Tributación (“SET”) has adopted the following measures in line with the government's efforts to counter the effects of COVID-19 on the Paraguayan economy.
Since March 10, 2020, the Bolivian Authorities officially reported various cases of COVID-19 in the country in which the development of labor relations has been affected by the regulations that have been issued all along.
Labor and Social Security
Transport, Mobility and Ride Sharing
Corporate and Public Registries
Public and Private Services
In view of the national health emergency due to the oubreak of COVID-19 decreed on March 13, we wish to inform you that the Uruguayan Patent and Trademark Office (“DNPI”) is operating normally. Additional channels of communication have been implemented to supplement the e-filing system. Deadlines have not been affected and should be complied with in the standard form.
The Paraguayan Securities Exchange Commission (Comisión Nacional de Valores) issued Resolution approving a temporary and extraordinary regime for issuing companies (SAE or SAECA) to issue short-term notes to meet their working capital needs and to restructure debt.
Companies are facing, or expecting to face, problems in delivering products and services to their clients or in receiving them from their suppliers.
Given the new challenges brought by the confirmation of Covid-19 cases in Uruguay, Ferrere confirms that we will continue to conduct activities so that our clients receive the highest quality of service, sustained in the Firm’s contingency plans, which have been adjusted considering current circumstances.
FERRERE Ecuador successfully represented ELIPE S.A., a subsidiary of the Toronto based gold mining company CORE GOLD, on a contentious administrative claim against the Ministry of Mining and the Attorney General’s Office.
FERRERE acted as Ecuadorean counsel to Banco del Pacifico (Ecuador’s second largest bank) in connection with a cross-border securitization of direct payment rights arising from foreign remittances, to be underwritten by Goldman Sachs, though a Cayman Islands special purpose vehicle.
FERRERE Ecuador advised Autolíder, representative of Mercedes-Benz in Uruguay and Ecuador, acquired by the British company Inchcape.
FERRERE Paraguay helped Consorcio del Sur sign a USD 120 million contract with the Paraguayan government to build a highway in Asunción.
FERRERE Uruguay advised the municipality of Montevideo on a structured financing transaction that raised USD 18 million to fund transport infrastructure, including a fleet of electric buses.
Chambers Global, the Chambers & Partners guide that brings together information on the international law market, once again recognized FERRERE in the four jurisdictions in which it has a presence.
The international publication World Trademark Review (WTR) 1000 once again recognized FERRERE in its 2020 ranking.
FERRERE Paraguay acted as local counsel to BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., and Itau BBA USA Securities, Inc., as initial purchasers on the reopening of USD 250 million bonds issued under Rule 144A and Reg S rated 5.875% due 2027 by Telefónica Celular del Paraguay S.A.E. (Telecel) in the international capital markets.
FERRERE partners Lindsay Sykes (Bolivia) and Paola Gachet (Ecuador) received the Gender Diversity Lawyer of the Year award in their jurisdictions from Chambers Diversity & Inclusion.
FERRERE partner in Paraguay Marysol Estigarribia analyzed how the gig economy is unleashing innovation and creating an exciting economy, while at the same time raising questions as to job protection and what the workforce will be like in the future.
FERRERE llevó a cabo el evento Empleo a Tiempo Parcial, que contó con las exposiciones de la socia Marysol Estigarribia y la directora del Trabajo del Ministerio de Trabajo, Empleo y Seguridad Social, Karina Gómez.
As civil society actors, companies always feel the responsibility to impact positively on the community, driven by the opportunities each of us has had individually, as well as by the role we want to play as an organization.
FERRERE partner Sandra González participated as panelist at the 17th ICC Conference on International Commercial Arbitration held November 10-12 in Miami.
FERRERE received the Uruguay Firm of the Year Award (2019) from the renowned British publication Chambers & Partners.
Manuel Lecuona, partner in FERRERE, spoke on the subject of “Innovations for Capital and Shares in SAS” during the Seminar on Promotion of Entrepreneurship: Simplified Stock Companies (SAS).
FERRERE partner Soledad Díaz spoke at the event on Investment Arbitration: a vision from ICSID and recent developments, organized by Universidad de Montevideo and Uruguay Very Young Arbitration Practitioners (UruVyap).
FERRERE counsel Federico Silva authored an article titled "Más que un abogado, un aliado estratégico" on the importance of attorneys who create value at companies.
FERRERE senior associate David Toscano participated as panelist at the 10th National Arbitration Conference, organized on November 8 by the Ecuadorian Arbitration Institute, the Arbitration and Mediation Center of the Ecuadorian-American Chamber of Commerce and the Law School of Universidad de las Américas.
FERRERE of counsel Misael Ruiz spoke on “Legal security versus tax benefits and incentives” during the 16th Ecuadorian Tax Law Symposium.
FERRERE counsel Isabel Hounie was a member of the panel on the “Concept of Goods for VAT Purposes” during the Uruguayan Tax Administration’s 2019 Tax Symposium.
FERRERE partner Diego Rodríguez spoke on the challenges posed when structuring real assets investment trusts at the 4th UMPE Finance Symposium 2019 organized by Universidad de Montevideo’s unit for Masters and Graduate Programs in Economics.
FERRERE partner Carlos Falco was a member of the panel on Relevant Issues in Mixed-Use Projects at the Commercial Real Estate Law Forum.
The Managing Partner of FERRERE Abogados, Agustín Mayer, participated in the conversation on “21st Century Attorneys: what skills make the difference?” organized by the Law School of Uruguay’s Universidad Católica.
FERRERE partner Verónica Raffo was recognized as the most well-reputed woman business leader in Uruguay, according to the Corporate Reputation Business Monitor (MERCO) published by the El País newspaper.
Eleven FERRERE practitioners were recognized by LACCA Approved Lawyers, which highlights their experience and leadership in certain practice areas in the regional market.
FERERRE was once again recognized as Tier 1 in the IFLR 1000 2020 ranking as one of the region’s most prestigious and experienced firms in Project Financing, Banking and Finance, and Corporate.
World Tax recognized the FERRERE Tax team in its four jurisdictions as tier 1 in General Corporate Tax, Indirect Tax and Transactional Tax.
Counsel Leticia Aguiar and senior associate Alberto Baroffio spoke in depth on changes and practical aspects of labor law for clinical analysis laboratories.
The FERRERE partner and Project Financing expert Sebastián Ramos has presented his new book on loan agreements and guarantees, titled El contrato de préstamo y sus garantías, published by La Ley Uruguay.
The 5th Women in Tax Event as held on August 23, 2019. This session addressed the Gaming Tax (IJ) and the Foreign Beneficiaries Tax (IUE BE).
The firm’s new Corporate Social Responsibility program is supported by the platform www.ferrerersc.com to select projects objectively and transparently
Partner Carlos Vasconsellos, together with counsel Federico Silva, published a white paper on the chief challenges faced by family businesses when dealing with generational transitioning.
FERRERE was once more recognized in its four jurisdictions by the prestigious Chambers & Partners publication in its annual Chambers Latin America 2020 guide.
Senior associate Bolívar Figueroa presented his technical comments on the procedural reforms of the General Code of Procedure (COGEP), in the context of the 2nd Contemporary Tax Symposium (Conversatorio de Tributación Contemporánea).
In the context of the Women in the Profession (WIP) program, a world movement that seeks to empower women in developing their professional activity, FERRERE Paraguay organized a talk on “Unconscious Bias. The first barrier to inclusion. Challenges and opportunities for women.”
FERRERE was nominated in five categories for the Americas Tax Awards given by International Tax Review (ITR) for excellence in the Tax area.
After almost 20 years of negotiations Mercosur and the EU have reached an agreement.
With a view to promoting diversity and equality, FERRERE organized an event whose speaker was the highly recognized US sculptor, born in Uruguay, Kristen Visbal.
FEFERRERE garnered two recognitions in the Women in Business Law Awards 2019: Best National Firm for Work-Life Balance and Best Firm in Ecuador, for the second consecutive year.
FERRERE was retained by International Finance Corpotarion (IFC) and acted as special Paraguayan counsel to in the granting to Banco Continental S.A.E.C.A. (Continental) of an unsecured loan of USD 100,000,000, with a 5-year maturity.
FERRERE was named the Most Innovative Law Firm of the Year in Ecuador, at the 14th Annual IFLR Americas Awards.
Recognizing the best law firm in gender, innovation and mentoring initiatives, and the best practitioners in each area, International Financial Law Review (IFLR), a leading publication in the legal and financial market, nominated FERRERE and two of its women practitioners for the Women in Business Law Awards 2019.
Latin Lawyer 250 conducts an annual survey of the region’s leading firms and their most active practice areas, in which FERRERE was distinguished its four jurisdictions.
Martín Pesce Cutri published an article in Thomson Reuters on data protection in Uruguay.
FERRERE assisted Sadia Uruguay S.A. on the sale of poultry producer Avex to Granja Tres Arroyos S.A., of Argentina, and Fribel S.A., of Spain.
Minera Alcira S.A. signed a mining production agreement with the Bolivian state-owned mining company Comibol and the Ministry of Mining and Metallurgy to produce polymetallic silver in the department of Potosí, in southern Bolivia.
This article intends to give an overview of the regulatory framework in force in Bolivia, Ecuador, Paraguay and Uruguay on merger control and anticompetitive practices.
FERRERE has appointed five new partners to the firm, Soledad Díaz, Verónica Franco, Martín Pallares, Sebastián Ramos and Daniel Robalino Orellana, as of January 1, 2019.
In Paraguay, the award recognizes FERRERE’s experience and leadership in the market.
The regional award of Chambers and Partners crowns the firm’s regionalization and sustained growth in each of the jurisdictions where it is present: Bolivia, Ecuador, Paraguay and Uruguay.
FERRERE Paraguay advised IDB Invest on structuring the first 4-year committed annual rotating line of credit to be arranged in Paraguay.
FERRERE lead the regional LATAM team in all matters involved in the transaction, including but not limited to coordinating over eight jurisdictions in tax planning.
In an official communication issued on Tuesday, October 2, 2018, the Intellectual Property Authority in Ecuador (SENADI) announced that its Executive Director signed a Memorandum of Understanding with the World Intellectual Property Organization (WIPO) for the creation of specialized Arbitration and Mediation Centers in Ecuador for Intellectual Property matters.
FERRERE Paraguay partner Marysol Estigarribia was acknowledged by the Chambers Women in Law Awards: Latin America 2018 as Paraguayan referent on gender equality matters.
For a total of USD 1.2 billion investment manager I Squared Capital acquired all of IC Power in Latin America and the Caribbean.
FERRERE advised Hidrovias do Brasil on a bond issue by one of the group’s companies, located in Luxemburg, for a total of USD 600,000,000.
FERRERE is pleased to announce the addition of three new partners to the firm as of January 1, 2018: Carlos Falco, Isabel Laventure and Manuel Lecuona.
Announced at a gala in New York on September 14, the Americas Tax Awards recognized the firm based on its analysis of the most innovative and largest transactions.
Chambers Latin America once again recognized FERRERE for its work in the four jurisdictions in which it has a presence.
On September 04, 2017 a law was enacted requiring all state and public-private entities to create Transparency Units responsible for receiving reports of possible corruption, investigating possible acts of corruption and supervising the execution of state contracts.
Draft Penal Code creates criminal liability for corporate entities who benefit from or are instrumental to the commission of certain crimes.
In his first 100 days as President, Lenin Moreno took new anti-corruption actions in Ecuador.
The manual seeks to set and apply coordinated and effective anti-corruption policies that promote participation of society and reflect the principles of rule of law.
Paraguay proposes Law on Access to Information and minimum information that must be available at institutional web portals.
Aiming to protect investors and to maintain a fair, organized and efficient securities market, on July 18, 2017, Law 5,810/17 was enacted to replace Law 1,284/98 “On the Securities Market” (Del Mercado de Valores) and, among other things, to effectively prevent and punish wrong conducts in the securities market by establishing administrative and criminal sanctions.
In 2016, there was a 32% increase in the presentation of Suspicious Operations Reports (ROS) to the Financial Analysis Information Unit (UIAF) of the Uruguay Central Bank.
The regulations include, among other aspects, the terms, sanctions, formalities related to the obligation to transmit information on the final beneficiaries to the BCU.
This year, the ranking added the names of 18 new FERRERE professionals to the extensive list of previous years. They come from areas such as Banking and Finance, Corporate, Labor, Real Estate, Intellectual Property, Taxes, Litigation and Arbitration and Energy, among others.
Identification of ultimate beneficiaries and holders of registred shares before the Central Bank of Uruguay.
The international standards will be applied to public procurement procedures, as an anti-bribery action.
New authorities appointed.
The objective is to strengthen policies to prevent corruption.
Includes changes related to organization of entities, shareholder transparency and board of directors’ liability, among others.
Reports can be made online, by telephone or in person, and anonymously.
Daniel Espinosa Teibo, a professional with vast experience in asset laundering prevention and control, is appointed.
Its purpose is to organize, systematize and update current asset laundering rules.
FERRERE announced today the move of its Asunción, Paraguay, offices to floors 24 and 25 of the recently inaugurated Torres del Paseo, part of a USD 200 million development project, considered one of the most modern and sophisticated corporate buildings in South America.
FERRERE assisted Dicomtriz S.A. on the acquisition of Ecuador’s largest service station chain, owned by the national oil company (EP Petroecuador) in a USD 10.5 million transaction.
The firm presented Equal Pay Day data for Bolivia, Ecuador, Paraguay and Uruguay.
FERRERE has moved its Santa Cruz offices to the heart of the Equipetrol area and a few minutes from the city center. From the 18th floor of the Ambassador Business Center, the firm has joined a brand-new architectural project, a reference point for the city, incorporating lead-generation technology.
On April 20, 2017 the Ministry of Economy and Finance, the National Development Corporation and the National Public Education Administration will launch the Second Call for Public-Private Participation Projects for Education Infrastructure.
The National Government, through the Ministry of Public Works and Communications (MOPC) announced on March 14th, 2017, the first award of an infrastructure project under 5074/13 Law.
A bill of law (No. 202/2016) is currently under study with a view to regulating telework agreements as a special form of provision of services.
The government has guaranteed that this year it will invest USD 2.4 billion in oil and gas, in the context of its economic policy for the sector’s development.
This “Circuit 5 Roadway Corridor Project” covers construction, rehabilitation, maintenance and financing of the roadway circuit comprising Route No. 14 (from Route No. 6 to the Velázquez junction) and Route 15 (from the Veláquez junction to Lazcano).
The agreement covers widening and improvement of the existing highway, converting it into a four-lane dual-carriageway, and includes a series of engineering structures involving construction of four bridges and two tube tunnels.
The firm announced today that Agustin Mayer will replace Andrés Cerisola as new managing partner effective July 1, 2017.
On March 23 the prestigious British publication Latin Lawyer announced 23 winners of the 11th edition of the Deal of the Year Awards at a charity dinner in Sao Paulo, with over 200 members of Latin America’s most relevant firms in attendance.
The rules facilitate access to intellectual property rights protection.
It replaces in full the Intellectual Property Law.
All trademark agents must file trademark registration applications electronically through DINAPI’s Web Services System, on e-forms approved by DINAPI.
The owner of the rights to the cartoon characters brought a claim against a publisher for unauthorized use of the cast.
Universidad de la República de Uruguay appointed FERRERE’s Regulatory and Administrative Law Department Director, Cristina Vázquez, as director of the Administrative Law Institute of its Law School, making her the first woman to hold the top academic post in Public Law in the country’s history.
The Ministry of Institutional Transparency and fight against corruption (MITFC) and the National Confederation of Entrepreneurs (NCE) signed a Public-Private Alliance to materialize a strategic union through which national public policies on anti-corruption and transparency will be incorporated into the private practices of Bolivian companies.
One proposal is a new systemized Criminal Code which, as an innovative reform, will allow the use of undercover agents in corruption investigations.
On February 16, 2016, the Executive Branch approved the National Corruption Prevention Plan (the “Plan”). The Plan aims to strengthen policies to prevent corruption, which may be implemented based on existing institutional structure, with nine specific goals.
Since last year, the National Anticorruption Secretariat (“SENAC”) has enabled three methods for the public to denounce acts of corruption.
On December 19, 2016, the Law of Modernization and Strengthening of the Norms that Regulate the Functioning of the Paraguayan Financial System (Law 5.787/16) was promulgated, which modifies the previous Bank law in the following key ways.
The Executive Branch is working on its regulation, which is expected to be issued son.
FERRERE once again was issued ISO/IEC 27001 Information Security Management System Certification by the prestigious British Standards Institution (BSI). This is the third consecutive year in which FERRERE has obtained this approval.
Latin Lawyer has distinguished FERRERE for its achievements in pro bono services last year, recognizing its contribution in the region with this type of service. The firm was noted as one of the most committed to strengthening the practice of pro bono services in Latin America.
FERRERE is the private company preferred by Uruguayan students, according to the University Students Profile Survey organized by Pro Universitarios.
FERRERE assisted Empresa Argentina de Soluciones Satelitales Sociedad Anónima (ARSAT) and coordinated landing rights arrangements for the Argentine ARSAT-2 satellite with the National Telecommunications Commission in Paraguay.
The Argentine real estate developer Gnv Group was advised by FERRERE on its investment for construction of the World Trade Center (WTC) located in Urubó, Santa Cruz, Bolivia.
A fund set up by Latin American development bank CAF and the Uruguayan government to finance infrastructure projects has made the biggest ever securities issuance in Uruguay’s history, raising US$350 million.
Located in Guayaquil, Ecuador’s largest city, the office is an addition to the ones the firm already has in Quito and Manta.
The System for the Compilation of Information from Financial Entities (SIRIEFI), part of the Integrated System For Anticorruption Information And Recovery Of State Property (SIIARBE) began operating on September 1, 2016.
In June 2016 Ecuador promulgated the Law on Prevention, Detection and Eradication of Asset Laundering and Financing of Crime (“Law”).
Through a new resolution (Resolution 375, August 17, 2016), the Secretary for the Prevention of Money Laundering (Secretaría de Prevención de Lavado de Dinero, or “SEPRELAD”) modified the procedure and information requirements for subjects that are obligated to register with SEPRELAD but are not regulated by a specific government entity, such as the Central Bank or National Stock Commission (“Non-regulated Subjects”).
The National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT) has recently been actively auditing compliance with anti-money laundering (AML) and terrorism financing (TF) rules by operators and direct users of Uruguay’s Free Trade Zones.
The prestigious British publication recognizes law firms for their commitment to advancement of the role of women through implementation of inclusion and gender diversity programs.
FERRERE advised a German based wind turbines manufacturer, ENERCON GMBH, through its subsidiary Agua Leguas S.A. (whose shareholders are ENERCON and EAB NEW ENERGY GMBH), to obtain the financing of 100 MW Peralta wind farm consisting of the Peralta I and Peralta II wind farms located in Tacuarembó, Uruguay.
FERRERE is pleased to announce the addition of two new partners to the firm: Carlos Codas in Paraguay and Pablo Ordoñez in Bolivia, as of September 1, 2016.
The amounts borrowed under Facility A will be used to fund eligible sub-loans to small or medium business and the amounts borrowed under Facility B will be used to expand its loan portfolio through organic growth.
The Antitrust Commission just issued a landmark decision in favor of Uber in a highly visible case that may trigger a sea change in Uber’s effort to access the highly regulated Uruguayan market.
The initiative seeks to increase trade between Bolivia and India.
After being awarded as the Law Firm Leader of the Year, Managing Partner Andrés Cerisola was interviewed by the international publication Latin Lawyer.
The municipality is working on the bidding conditions in order to set public tender dates for these business opportunities.
In the coming weeks Bolivia’s electrical utility, Empresa Nacional de Electricidad (ENDE), will begin exporting electrical energy to Argentina, while at the same time it concludes initial work on the binational hydroelectric plant with Brazil, in Río Madera.
The Ecuadorian government’s new development model includes public-private partnerships as a way to attract investment for undertaking public projects.
PPP contracts to be structured in 8 roadway circuits covering 1,600 km of existing highways and 130 km of new work.
Paraguay’s electric utility, Administración Nacional de Electricidad (ANDE), announced its project for construction, operation and maintenance of a 14 MW hydroelectric power plant to be located on the Ypané river, in Concepción.
To give a push to the economy and production sectors in the provinces of Manabí y Esmeraldas affected by an earthquake this past April, Ecuador has passed a Solidarity and Citizens Co-Responsibility Law.
The project involves private investment of some USD 4 billion plus a USD 1 billion public investment to improve logistics infrastructure.
Tender expected to called in 2016, with a 5-month term for submitting bids.
The transaction was structured as an equity purchase with deferred closing; the latter is expected to occur before the end of 2016, upon fulfillment of certain conditions by the parties.
Cochabamba is Bolivia’s third-largest city and a hub for major food processing, transportation, manufacturing and energy multinationals. It is also relevant as headquarters for national banks.
It urges reporting of all research projects so that registration can be processed.
Workshops for companies and individuals on diverse subjects.
Among other changes, it includes the possibility of making partial copies for educational and personal use.
CIFI granted an up to USD15,5 million bridge loan to San Francisco S.A.
FERRERE advised Robert Bosch in all the activities needed for the success of this initiative, including incorporating a local entity and customizing it according to the client’s needs, drafting and negotiating the lease for the new offices.
The debt instruments issued by the Trust will be repaid with credits assigned by Asociación Española against the National Health Fund (FONASA).
FERRERE Abogados Uruguay assisted Zamin Ferrous, a foreign mining investor, on a challenge of a judicial ruling handed down in the context of an action brought by environmentalists for access to information held by government agencies.
With the opening of its new offices in La Paz, at premises four times the size of its previous site, FERRERE takes another step in its firm growth in the Bolivian market.
Latin Lawyer, the prestigious British publication specializing in law firms, named FERRERE’s managing partner Andrés Cerisola as 2016 Latin American “Law Firm Leader of the Year.”
Verónica Raffo, partner in FERRERE, is the most recognized woman business leader in Uruguay, according to a survey conducted by the El Observador newspaper.
The Ministry of Mining issued “Instructions for Granting Metallic Minerals Concessions” establishing the rules and procedures applicable to issuance of metallic mining concessions under small, medium and large scale mining regimes.
FERRERE participated in the collateral structuring of a debt swap of unsecured notes issued by the Chilean car dealer Automotores Gildemeister SpA.
The bill of law is to replace Ecuador’s current Intellectual Property Law.
Orionoil ER, a subsidiary of Orion Energy (Singapore), has successfully issued debt instruments on the Ecuadorian stock market for US$10 million.
Efforts to shrink number of files awaiting technical examination and cut current backlog in Uruguay.
The National Intellectual Property Office is working to obtain protection of geographical indications and appellations of origin for national products.
Supreme Court seeks support for interpretation of Decision No. 486 establishing the Common Industrial Property Regime.
Law seeks to promote better nutrition, regulate advertising of canned and processed foods, and ensure more precise labeling information, among other aims.
It also creates an integrated system for relevant information on creation and improved operation of enterprises.
Bill of law covers basic services of drinking water, sewage system, electricity, residential gas and telecommunications.
Investment geared to construction of plants for smelting and refining minerals, primarily zinc, in La Paz, Oruro and Potosí.
Benefits include exemption for imports to be used directly in project execution and exemption from payment of income tax for 10 years.
Fondo Capital trust was created to finance a waste sorting and compacting plant and work on various major avenues.
Regulations provide incentives for company investments creating jobs and adding value to raw materials.
Term set at a maximum of three years, extendible for a like period.
The most recent call is for repair and maintenance of the Algorta-Fray Bentos railway tranche; details were also announced for two roadway projects.
FERRERE is pleased to announce that Diego Bohrt has joined the firm as Senior Counsel at its office in La Paz, Bolivia, as of February 1, 2016.
In an event marking the first time a woman has reached the highest academic level in an area of Public Law, Uruguay’s Universidad de la República appointed the Director of FERRERE’s Administrative and Regulatory Law team Cristina Vázquez as Chaired Professor (Level 5) of Administrative Law.
FERRERE advised the Salvadoran group Unicomer on the purchase of Electrofácil, Paraguay’s largest household appliances and sales chain.
FERRERE announces the opening of its second office in Ecuador, in the coastal city of Manta, located in the rich province of Manabí. FERRERE Ecuador today has a team of 40 lawyers.
Calls for bids to repair twelve national highways – Bidding conditions available for purchase starting January 20.
Total’s investment will be at least USD 1 billion, while British Gas’ investments could reach USD 500 million.
Law for Promotion of Investment in Oil and Gas Exploration and Exploitation takes effect.
A total investment of USD 8.2 billion will be largely allocated to construction of 3,000 kilometers of new paved roadways.
A catalogue offers 94 projects seeking private investment, primarily in oil, mining, electrical, telecommunications and basic industry sectors.
New benefits include tax exemptions for equipment imports and other tariff benefits for high social content projects, among others.
Decree limiting number of prospection and exploration concessions repealed.
This call for bids will be made in the context of Law 5102/2013.
The agreement to reduce transactions in dollars includes payments for transactions of any nature between individuals or legal entities.
The changes involve an increase in the percentage of tax exemptions on investments.
According to a survey conducted by Pro Universitarios of over 2,000 students at all Uruguayan universities, FERRERE took third place in the "Dream Firm" ranking. The classification reflects the opinion of university students aged 18 to 26 who have a company they dream about working for.
New regulations aimed at achieving a simpler and clearer technical qualification procedure.
Incentives will be provided for public works, affordable housing, urban development, production activities and research projects.
The plan aims to create an infrastructure shock that will transform the city through large-scale works. These projects will be accompanied by others to be funded by the municipality’s five-year budget and private initiatives.
Decree not only affords users free choice of service provider, but also provides a mechanism to stimulate the market.
Bolivia has approved a law permitting performance of a feasibility study for the Santa Cruz urban tramway project, while Yacimientos Petrolíferos Fiscales Bolivianos will obtain an extraordinary credit for construction of propylene and polypropylene plants.
License will allow up to three Paraguayan or foreign companies to develop and commercialize 4G technology.
FERRERE was chosen by Chambers & Partners as Uruguayan Law Firm of the Year thanks to its outstanding performance in market-leading deals, its excellence in client service, and its strategic growth.
FERRERE Ecuador advised Orion Energy’s subsidiaries in Ecuador to obtain the operatorship of two oil blocks in Ecuador.
Ferrere advised Luncheon Tickets S.A., the Uruguayan subsidiary of Edenred, world leader in prepaid corporate services, in obtaining the authorization from the Uruguayan Central Bank to operate as an Electronic Money Issuer of meal benefits for employees.
On July 28, 2015 the Paraguayan Executive Branch appointed Carlos Alberto Filartiga Lacroix, Miguel Osmar Núñez Figueredo and Fabrizio Augusto Castiglioni Serafini as members of the board of directors of the National Antitrust Commission (“CONACOM”).
The most significant investments will be in Energy (USD 4.23 billion), Highways (USD 2.36 billion) and Social Infrastructure (USD 1.87 billion).
The new Conciliation and Arbitration Law (No. 708) was passed on June 25, 2015.
The catalogue includes metal refining and petrochemical plants, shipbuilders, mining blocks for auction, and biofuel and biomass projects, among others.
New projects will include works for highway rehabilitation and for conversion of the Viru Viru airport.
Paraguay’s Ministry of Public Works and Communications (MOPC) will be holding a tender this semester for works valued at USD 2.455 billion, to be performed over the next four years. The Highways Office will be making calls for bids for USD 875.56 million, the Community Roads Office for USD 71.18 million, and the Strategic Projects Office for USD 1.509 billion.
The Production Code was amended in May, introducing additional incentives in the rules on tax stability for investments, investment agreements, and special economic development zones.
Uruguay Rounds I and II launched by the Uruguayan government for offshore oil and gas prospecting culminated with award of blocks to companies including BP, BG, Shell, YPF, GALP, TOTAL and Inpex. Given the rounds’ success, implementation of Uruguay Round III was approved in mid-2014.
The issuance took place on the Uruguayan Electronic Stock Exchange, and for UI 135 million (indexed units) offered to investors the demand reached almost three times that amount (UI 408 million).
Álvaro Moré became Grey’s new local representative in Uruguay, upon reopening of the agency. FERRERE Abogados provided counsel on the relaunch.
It is a USD 25 million unsecured loan to Telefonica Cellular de Bolivia SA.
Thus confirms the intention of the company and the government of Ecuador to develop new investments in the field Shushufindi - Aguarico.
The bonds were issue for the expansion of its financial portfolio.
FERRERE Bolivia advised Owens-Illinois, the world’s largest glass container maker, on the acquisition of glass manufacturer Vitro's food and beverage glass container business for USD 2.15 billion.
Advice to shipping company in connection with vessel fire.
FERRERE is pleased to announce that Gerardo Villagómez has joined the firm as partner in Bolivia, effective April 6, 2015.
Uruguay keeps step with international rules on biotechnological drug registration
The British Standards Institution (BSI) audited FERRERE and awarded it ISO / IEC 27001 certification, in line with international standards.
FERRERE advised Agro Empresa Forestal on the structuring of the financial trust “Bosques del Uruguay 2” which on January 18 placed 70 million dollars in trust certificates, becoming a hall of famer when it comes to private company issuances.
FERRERE advised Canadian funds Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension (PSP), through their Board and Investment Board, respectively, on their acquisition of part of Banco Santander’s renewable energies projects in 28 entities from 9 different jurisdictions, finally executed on December 20, 2014.
Ferrere (Bolivia) has helped Mercedes-Benz Argentina sell ambulances to the Bolivian Health Ministry in a US$64 million deal that will improve emergency responses times and decrease infant mortality.
The operation was essential to consolidate the position of Scotiabank in the Uruguayan market
The funds were used to finance works Grinor held in Ciudad de la Costa
Robust renewables markets in Brazil, innovative hybrid merchant finance in Chile, and strong state support in Uruguay provide project finance practitioners with excellent opportunities in all three jurisdictions, agreed panellists speaking at the Latin Lawyer 2nd Annual Regional Project Finance Summit held on 18 November in Washington, DC.
"This was the first solar project of this size to secure a PPA with the public utilities provider and was then the first to achieve short-term financing" says Gonzalo Secco of Ferrere.
Ferrere (Uruguay) has helped Uruguayan engineer Grinor sign an agreement with Canelones municipality for road reconstruction works; requiring the parties to develop a financing model to reduce investor risk in the project.
Clifford Chance LLP in Washington, DC, FERRERE and Watson, Farley & Williams LLP in Madrid helped development banks Corporación Andina de Fomento (CAF) and DNB Group Agencia en Chile provide the credit line.
Cadonal (a company of group Abengoa) will construct Talas de Maciel II, in Cerro Colorado, Flores
Ferrere (Bolivia) has helped South Korea's Hyundai Development Company (HDC) win a bid to build Bolivia’s longest bridge in the central Santa Cruz region.
Ferrere’s managing partner has been made chairman of the board of directors at the Uruguayan branch of Endeavor, a New York-based non-profit that seeks to foster high-impact entrepreneurship in emerging economies.
FERRERE advised Enercon Gmbh in the negotiation and execution of a 50 MW Power Purchase Agreement (PPA) with the Uruguayan electric utility (UTE).
Ferrere has helped German turbine manufacturer Enercon sign a 50-megawatt power purchase agreement (PPA) with Uruguay’s state-run utilities’ provider UTE.
FERRERE (Bolivia) has hired a new partner, bringing the partnership count at the Bolivian arm of the Uruguayan firm to four.
US cosmetics company Avon has exited Bolivia after 23 years in the market with help from Ferrere (Bolivia).
Greatbatch, world leader in the development of critical technologies, acquired “Centro de Construcción de Cardioestimuladores del Uruguay S.A.” (CCC).
Conimex and Traxpalco, two of the companies behind Uruguay’s north-south Ruta 5 motorway, have merged after three years of tax and legal negotiations with help from Ferrere.
After several years of negotiations, Conimex and Traxpalco, two companies with a strong local presence that have constructed and maintained the majority of the country’s highways, announced their merger this August.
The deal was signed on 16 July and is worth US$94 million. Chadbourne & Parke LLP in Washington, DC and New York and Ferrere in Montevideo counselled DNB and Intesa Sanpaolo as lenders.
Investors in Uruguay’s largest pharmacy chain are preparing an ICSID claim against the state over limits on concentration of ownership in the drug retail industry.
As Uruguayan frozen foods company Pagnifique eats its way into a bigger slice of the Latin American pie, a cast of lawyers came together to ink much-needed investment from a Chilean private equity fund.
Nothing gets emotions high in Latin America quite like football, and the litigation between Traffic Sports and Full Play Group over rights to the Copa América was no exception.
Brazil’s Lobo & de Rizzo Advogados and FERRERE (Paraguay) is helping US fertiliser company Mosaic acquire Archer Daniels Midland’s Brazilian and Paraguayan fertiliser businesses for US$350 million.
Uruguayan firm Guyer & Regules, Argentina’s M & M Bomchil Abogados and the New York office of Freshfields Bruckhaus Deringer LLP have helped Argentine airport investment group Corporación América obtain a US$180 million loan to finance two wind farms in Maldonado, Uruguay, in its first of several planned investments in the wind energy sector. The lending banks were advised by Uruguay’s Ferrere and the São Paulo, Washington and Madrid offices of Clifford Chance LLP.
Colombia’s Brigard & Urrutia Abogados and Clifford Chance LLP in Paris and Amsterdam have helped Dutch leather company Stahl close the Colombian leg of its global acquisition of the leather services businesses of Swiss specialty chemicals company Clariant.
Soaring growth rates combined with two new pieces of legislation governing foreign investment and the mining industry have put Bolivia on the map for investors.
To coincide with the IBA’s 2014 Latin American Regional Forum, held in Punta del Este last month, the Cyrus R Vance Center for International Justice organised its latest women in the profession conference in Montevideo. Here, the partners of five Uruguayan firms who hosted the meeting tell us about the day.
FERRERE has helped Nordex sign an agreement with state energy company UTE to build a wind farm that could become the first renewable energy in the country.
FERRERE has advised Nordex on the execution of a $ 275 million turnkey agreement for a wind farm to be built in Tacuarembó.
Swedish telecoms company Ericsson has turned to FERRERE Abogados Bolivia for an agreement with Entel.
FERRERE Abogados Paraguay has promoted corporate lawyer Marysol Estigarribia to the partnership, making her the first female partner at the Asunción office.
Uruguay’s FERRERE has helped Dutch leather company Stahl buy the Uruguayan leather services business of Swiss specialty chemicals company Clariant.
FERRERE advised French based Wendel Group’s company Stahl on the acquisition of Clariant’s leather services business.
Ad hoc Arbitral Tribunal rules that Katoen Natie was entitled to denounce a collective bargaining agreement for breach of the peace clause.
The economies of Paraguay, Panama and Perú are on fire and investment opportunities are thriving.
UTE (the Uruguayan state-owned electricity company) has once again turned to FERRERE for an issuance of bonds for USD 120 million.
FERRERE advised Australian company NUSEED, leader in seed technology, in connection with the negotiation of a strategic alliance with IPB seeds.
FERRERE advised the Inter-American Investment Corporation on financing of the Argentinian company ERCSA.
Paraguayan lawyers are heralding both an infrastructure boom and a crucial new phase in the country’s economic development.
A new mining code, brought in to calm public anger over Uruguay’s first mining mega-project, should help smooth the path for this and other projects.
Uruguay’s ambitious target of becoming a world leader in wind energy has provided lawyers in the country with the chance to hone their project finance skills.
The Administrative Appeals Court handed down a decision in favor of La Liga Sanitaria in an action for nullity filed by the company against a tax administration computation.
FERRERE has helped recently-bankrupted Uruguayan airline Pluna defeat a complaint filed by a number of its pilots over overtime benefits.
FERRERE is advising one of the bidders, CGL, which is a subsidiary of US real estate company Hunt, as well as British security company G4S.
Uruguayan firm FERRERE has helped Nielsen win the dismissal of a lawsuit filed by powdered soft drinks brand Rinde2.
FERRERE Abogados (Bolivia) has helped Bureau Veritas win a contract with Bolivian state-owned hydrocarbons company YPFB.
FERRERE has helped state-owned electricity company UTE make the largest ever issuance of retail bonds in Uruguay’s capital market.
FERRERE has assisted with the first ever transfer of a rising Uruguayan football star to Manchester United, one of the leading teams in the Premier League.
FERRERE Abogados Paraguay advised the IADB on funding a project targeted at expanding access to financial services among low-income workers in Paraguay.
FERRERE has helped Nordex sign an agreement with Uruguay’s state energy company UTE.
For Néstor Loizaga, the principal challenge ahead will lie in “the appointment of the people who will be in charge of enforcing [the law].”
On June 21, 2013 law No. 4956 establishing a new regime concerning competition in Paraguay was enacted.
Uruguay’s FERRERE has helped Telefónica successfully challenge a ruling from the country’s telecoms regulator.
Andrés Cerisola, FERRERE’s managing partner, analyzes the big picture of private equity transactions in Uruguay.
With a rapidly growing economy and important legislative developments in the pipeline, Paraguay is a resource ready and waiting to be tapped.
Ferrere has helped one of Uruguay’s largest meat-packing plants, Frigorífico Carrasco, win a case worth almost the company's entire value.
“I believe this is a message from the voters who are saying ‘we are tired of traditional politics’” says FERRERE Abogados (Paraguay) partner Nestor Loizaga.
Uruguay has become the first non-European country to accede to the Convention for the Protection of Individuals with Regard to Automatic Processing of Personal Data.
FERRERE have assisted with the sale of a stake in Uruguayan civil works company Grinor to one of the country’s largest construction companies, SACEEM.
Greek shipping and logistics company Navios has turned to Uruguay’s FERRERE to issue bonds worth US$90 million.
Ferrere Abogados Paraguay, a branch of Uruguay’s largest firm, leapt from 12 lawyers to 18, an increase of 50 per cent that builds on similar growth in 2011
Although every firm featured in the Bolivian chapter of the guide grew over 2012, the biggest expansion came from Ferrere Abogados Bolivia.
The Administrative Claims Court ruled that the bank’s building, declared “national historical monument” does not “absorb liabilities” on computing Net Worth Tax.
With the help of Uruguay’s Ferrere, Nordex has reached an agreement with Uruguayan state energy company UTE.
FERRERE is pleased to announce that Carlos Vasconsellos joined the firm as a partner in its Paraguay office on February 1st, 2013.
Ferrere Abogados has hired Carlos Vasconsellos, an associate from the Miami office of Hughes, Hubbard & Reed LLP as partner in Paraguay.
Ferrere has helped Scotiabank complete its acquisition of Banco Comercial, the largest banking M&A transaction in Uruguay’s history.
FERRERE advised Scotiabank in US$ 50 million acquisition of remaining Uruguayan government preferred shares in Banco Comercial.
FERRERE hired US lawyer Lindsay Sykes, formerly an associate at Cleary Gottlieb Steen & Hamilton LLP, as partner in La Paz.
FERRERE advised PALADIN REALTY PARTNERS in the creation of a joint venture with PENINSULA INVESTMENTS GROUP and ALTIUS GROUP to develop real estate projects
FERRERE advised NORDEX USA INC in the sale to UTE of a 70 megawatt wind farm to be located in Artigas, Uruguay, worth more than US$ 170 million.
Linzor Capital Partners has acquired 100% of Farmashop, the largest pharmacy retail chain in Uruguay.
Ferrere has helped Latin American asset manager Linzor Capital Partners acquire Uruguay’s largest pharmacy chain, Farmashop.
Uruguay’s state-owned electricity company, UTE, has turned to FERRERE as deal counsel to issue bonds worth US$100 million.
FERRERE has advised the state-owned electricity company UTE in the largest issuance of bonds ever made in the Uruguayan capital market.
FERRERE advised Aiva Business Platform for the deal, which is of undisclosed value and was announced on 19 November.
Uruguay’s FERRERE also advised the committee on the Ecuadorean leg of the deal.
Ferrere Abogados Bolivia has boosted its corporate department with the addition of Lindsay Sykes as a partner, part of a fast-track expansion strategy.
Uruguay’s Ferrere has increased its partnership to 12 with the promotion of two associates in its tax and insurance practices.
Ferrere has secured a final ruling from Uruguay’s Supreme Court on behalf of Portuguese commodities distributor Agrenco Madeira.
The Supreme Court held that to oppose recognition of an arbitration award the defendant must prove that it was set aside in application of the NY Convention.
FERRERE assisted Lloyds Banking Group in the selling of its Uruguayan retail, commercial and corporate banking operations to Swiss group Banque Heritage.
Uruguay’s Ferrere also advised the committee on the Ecuadorean leg of the deal.
“This is very important and very relevant news for Uruguay”, said Martin Pesce, a data protection expert with the Montevideo, Uruguay law firm Ferrere.
FERRERE helps Batanga Media acquire Crovat, a Uruguayan digital services company.
Corporación Andina de Fomento (CAF) drew upon Ferrere Abogados (Paraguay), among others, on the deal.
A Court of Appeals confirmed a judgment for the IFC and the IIC in a case filed by two bondholders of Granja Moro.
The Inter-American Development Bank has turned to Fererre in Paraguay to provide a US$16 million loan to BBVA Paraguay.
That deal saw GNB Sudameris agree to pay US$ 400 million for the assets, turning to FERRERE in Uruguay.
“It’s clearly constitutional and legal,” agrees Ferrere Abogados (Paraguay) partner Nestor Loizaga.
FERRERE Abogados collaborate with Miller & Chevalier Chartered and Matteson Ellis Law in a survey of companies spanning 14 countries in the Americas.
FERRERE helps ACI Worldwide acquire Uruguayan distributor, as first step in Latin American restructuring.
Ferrere has helped Independencia and EF Asset Management structure the first real estate investment trust (REIT) to be offered on the Uruguayan market.
Ferrere has helped Banco Patagonia see itself cleared from liability for a group of investors’ losses stemming from the Madoff ponzi scheme.
Ferrere Abogados have helped Colombia’s Gilinski group acquire HSBC’s businesses in Colombia, Paraguay, Peru and Uruguay.
Carlos Falco, asociado senior de FERRERE, presentó en SIMA 2012 las principales razones por las cuales Uruguay es un destino atractivo para los inversores.
A First Instance Court has dismissed the complaints against Banco Patagonia brought by individual investors in a Bernard Madoff’s fraud related claim.
Geraldine Ifrán gave a lecture at the Conference organized by the International Association for Insurance Law.
Ferrere Abogados has helped former shareholders of Banco Comercial win a US$108 million case brought against them in Uruguay’s Court of Appeals.
FERRERE Abogados has acted as counsel to Herbalife in all the stages leading to the opening of its first Uruguayan company.
According to Ferrere Abogados partner Isabel Laventure, it was nevertheless considered something of a national embarrassment.
Ferrere Abogados has helped biotechnology company Biogen Idec gain an operating licence for multiple sclerosis drug Avonex.
The write off of debts with foreign parties generates foreign sourced gains, not taxed in Uruguay.
Ferrere Abogados has helped Uruguayan pharmaceutical company Nanokem obtain an operating licence from the Uruguayan Health Ministry.
FERRERE acted as counsel for Biogen Idec –a leader company in biotechnology- in the obtaining of its operating license from the Uruguayan Health Ministry.
FERRERE has acted as counsel for pioneer company in nanotechnology Nanokem in the obtaining of its operating license from the Uruguayan Health Ministry.
Ferrere has helped JPMorgan Chase, Credit Suisse and Dresdner Lateinamerika lift an attachment over a US$170 million credit they have against Uruguay.
Uruguayan Tech-Company Scanntech obtained a US$ 10 million capital boost from Sequoia Capital for regional expansion.
Uruguay’s Ferrere Abogados have helped secure a US$10 million capital injection for Uruguayan company Scanntech from US investment fund Sequoia Capital.
Ferrere Abogados has assisted the International Labour Organization (OIT) in a review of retirement and pensions underway in Uruguay.
FERRERE was hired to provide support to the employers’ organizations for the formulation of proposals of amendments to existing legislation.
Ferrere has advised the Inter-American Development Bank and a syndicate of banks in granting a credit facility to Montes del Plata for US$ 1.354 billion.
Uruguayan firm Ferrere Abogadoshas advised Asociación Española, one of Uruguay’s largest health care providers, on a trust bond issuance.
Canada’s Northstar Trade Finance has turned to the Bolivian office of Uruguay’s Ferrere Abogados to close four multimillion US-dollar loans.
Ferrere Abogados has advised the Andean Development Corporation (CAF) in the signing of a US$75 million loan agreement with the Paraguayan government.
FERRERE ABOGADOS obtained a favorable decision for client Banque Heritage for USD 1,080,000.
Ferrere Abogados’ Bolivia office has helped Cooperativa de Telecomunicaciones win an employment arbitration brought by the telecoms company’s union.
The ruling was issued in a case brought by creditors of Granja Moro.
FERRERE obtained a favorable ruling in a case of civil liability for the faulty construction of a luxury building in Montevideo.
The Uruguayan Court of Administrative Claims ruled in favor of JPMorgan Chase, Credit Suisse and Dresdner Lateinamerika in tax case.
FERRERE obtained a favorable ruling for Hospital Británico in a case that involved outsourcing of facilities between health care institutions.
FERRERE Abogados advised on the most successful securitization of consumer loans in Uruguay.
Ferrere Abogados' office in Paraguay has assisted the IFC in granting a one-year US$25 million loan facility to Paraguayan company Agrofértil.
FERRERE Abogados has helped three former shareholders and bond underwriters of Banco Comercial win a case in a Uruguayan bankruptcy court.
An Argentina-based investment group has won a decision from a Uruguayan court.
Uruguay's Water and Power Supply Regulatory Agency (URSEA) has turned to Ferrere Abogados to help draft laws and regulations relating to energy and water use.
The Uruguay chapter to the Getting the Deal Through - Securities Finance 2011 publication.
Uruguay’s Planning and Budget Office retained FERRERE to provide assistance with the implementation and regulation of the Agency of International Cooperation, which was officially launched on April 28, 2011.
FERRERE announced today that it has incorporated the intellectual property practice of Mónica Bacot & Asociados as part of its professional team.
As another step in the firm's policy of expansion, FERRERE Abogados has opened a new office in Punta del Este, their fifth in Uruguay and eighth on Latin America.
To celebrate the tenth anniversary of the Daniel FERRERE Memorial Lecture, we will have a speaker whose story of valor and endurance has moved the world.
Next Friday, May 21 at 11 AM (PY)
Since March 10, 2020, the Bolivian Authorities officially reported various cases of COVID-19 in the country in which the development of labor relations has been affected by the regulations that have been issued all along.
The Labor Ministry approved the Regulation of Telework Implementation through Ministerial Resolution No. 220/20
The purpose of this alert is to identify the most relevant provisions regarding: a) immigration measures; and b) prohibitions of movement within national territory; along with the regulations / resolution that regulates them.
As of today, April 20, 2020, the National Intellectual Property Service (SENAPI) has made available the possibility of electronic fillings via email. It is therefore now possible to file new trademark and patent applications, as well as renewals and modifications.
We share an analysis of the main regulatory changes.
This is a question many directors and managers are surely asking themselves. The pandemic is having severe impacts. Specialized institutions and economists are to a greater or lesser extent forecasting interruptions in the chain of payments.
Pursuant to Law No. 5102/13 (the “PPP Law”), the process for signing a public-private participation (“PPP”) contract can be initiated ex officio by the contracting administration (public initiative) or be originated from a private initiative.
On April 3, 2020, the Paraguayan Securities Exchange Commission (Comisión Nacional de Valores) issued the registration certificate No. 25_03042020, approving the submission of the second Bond Issuance Program (Programa de Emision Global or “PEG”) of the Inter-American Investment Corporation (“IDB Invest”).
Uruguayan Customs implemented measures to simplify entry of goods for combatting the COVID-19 health emergency.
Today Parliament approved a bill of law proposed by the Executive Branch creating the “COVID-19 Solidarity Fund.” The COVID-19 Solidarity Fund will be financed by, among other items, revenues from the COVID-19 Health Emergency Tax on those collecting income from the public sector including non-State public persons and companies under private law in which the State is a shareholder, as well as an additional to the Social Security Assistance Tax (IASS) that will be levied on retirement benefits exceeding a nominal amount of UYU 120,000 per month.
The Ministry of Energy and Non-Renewable Natural Resources has amended the “Instructivo para las Etapas de Exploración y Explotación de las Concesiones Mineras, Negociación suscripción de los Contratos de Explotación Minera” (Instructions for the Exploration and Exploitation Stages of Mining Concessions, Negotiation of the Mining Exploitation Agreements). Ferrere Abogados has prepared this bulletin on said amendment.
The purpose of this alert is to identify the most relevant provisions regarding: A) immigration measures; and B) prohibitions of movement within national territory; along with the regulations / resolution that regulates them.
Taking into account the sanitary emergency declared in Ecuador due to COVID-19 (coronavirus), the National Service of Intellectual Rights, SENADI, has resolved to maintain the suspension for the calculation of deadlines and terms for all procedures that are substantiated before the aforementioned Office, until April 5, 2020.
Legislation and Measures related COVID-19
At the moment no news was found in this area of interest.
Legislation and Measures related COVID-19.
On March 26, 2020, Decree No. 3488/2020 that modifies and regulates more specifically, the duty to cooperate with the Competition Authority (“CONACOM” for its Spanish acronym).
Bolivia is experiencing a reality without precedent. Due to the spread of COVID-19, on 17 March 2020, the President declared a national health emergency and quarantine, ordering citizens to remain at home, and closing Bolivia’s borders. These restrictions were increased by Supreme Decree 4200 of 25 March 2020.
The generalized problems surrounding COVID-19 find Uruguay in a good position regarding digital government, electronic documents and electronic signature, both at a legal level as well as for their practical application.
The Municipality of Montevideo, in resolution 1361/020, has established new operating conditions in order to avoid agglomerations of people and to minimize the risk of COVID-19 contagion.
The Superintendence of Companies, Securities and Insurance, issued Resolution No. SCVS-INPAI-2020-00002715 (hereinafter "Resolution") dated March 16, 2020, in which was agreed an extension of 30 days from the expiration of the original deadline for submission of information required by Article 20 of the Law of Companies, in other words, the information may be sent to the controlling entity until May 31, 2020.
The Bolivian Government has implemented a series of general and labor measures for coronavirus prevention and containment in the country.
Due to the advance of COVID-19 in Bolivia, the government has declared a national health emergency and total quarantine in all the Bolivian territory through the Supreme Decree Nº 4199/2020. By virtue of the same, as of March 22, 2020, all public and private institutions are closed until April 5, 2020.
Due to the current world health emergency of COVID-19, the Bolivian Government through the Supreme Decree No. 4199 of March 21, 2020 has declared the Total Quarantine in the entire territory from 0:00 hours of Sunday, March 22 to Saturday, April 04, 2020
Legislation and Measures related COVID-19.
Legislation and Measures related COVID-19.
Legislation and Measures related COVID-19.
Legislation and Measures related COVID-19.
Legislation and Measures related COVID-19.
Legislation and Measures related COVID-19
At the moment no news was found in this area of interest.
Legislation and Measures related COVID-19.
At the moment no news was found in this area of interest.
Legislation and Measures related COVID-19.
Legislation and Measures related COVID-19.
At the moment no news was found in this area of interest.
In line with the National Health Board’s recommendations for health care providers to prioritize alternative channels to facilitate access to doctors for consultations and to decongest assistance centers, Parliament has just approved a law providing a legal framework for telemedicine – which until now did not have specific regulations.
A few months ago, probably no-one, as farsighted and responsible as someone can be, could have foreseen the current public health situation we are facing as a result of the COVID-19 outbreak.
The purpose of this alert is to identify the most relevant provisions regarding A) immigration measures and B) prohibitions of movement within national territory along with the regulations resolutiona that regulates them.
As an attempt to mitigate the spread of COVID-19 in Paraguayan territory, the Paraguayan aviation authority (Direccion Nacional de Aeronautica Civil) banned all foreign commercial and private flights from landing in Paraguayan airports.
The voluntary isolation suggested by the government in an attempt to curb the impact of COVID-19 represents is a challenge for families where parents are separated, who are in a quandary as to how to handle visitation schedules.
In light of the Health Emergency declared by the Executive Branch and the measures adopted to mitigate COVID-19 expansion, on March 23 the Central Bank of Uruguay (BCU) issued Communication No. 2020/043, resolving.
The national as well as global health emergency caused by the novel coronavirus (COVID-19) is having a direct impact on different industries, and the pharmaceutical sector is not alien to this reality.
Ministry of Labor Resolution No. 55/2020, dated March 23, 2020, authorizes companies to move up vacation generated by workers during this year.
The Government launched a pioneer telemedicine application developed with the collaboration of leaders in the software industry. Its aim is to decongest and facilitate access to medical attention for all persons who suspect they may have contracted the virus, while at the same time preventing possible contagion of health care workers.
The Ministry of Labor has extended the partial unemployment benefit, announced Wednesday for sectors of commerce and some services, to the rest of activity areas. The purpose is to make conditions for access to partial benefits more flexible, so that workers paid by month can access them.
Yesterday the Executive Branch announced a battery of measures to address the effects of COVID-19 on the country, including some on tax matters.
In recent hours the Central Bank of Uruguay and the Ministry of Economy and Finance announced a package of measures to ensure liquidity and preserve the chain of payments in the local economy.
The Ministry of Labor has created a partial unemployment benefit for sectors of commerce and some services. The purpose is to make conditions for access to partial benefits more flexible, so that workers paid by month can access them.
The Bolivian Government determined a series of both general and labor measures aimed to prevent and contain the spread of the Covid- 19 in our country. The following measures were considered.
To mitigate the economic effects that may be caused by implementation of public and private COVID-19 preventive actions, various entities, in coordination, have taken extraordinary and temporary steps to aid the economy, credit and, in general, consumer spending. The most noteworthy are as follows.
With a view to effective control of health measures put in place among other preventive actions implemented due to the risk of expansion of the coronavirus or COVID-19, on Monday March 16 the President of Paraguay issued Decree No. 3456 declaring a health emergency throughout national territory.
On March 11, 2020 the Supreme Court of Justice issued the Decision CSJ No. 1366 by ordering the suspension of the judicial activities from March 12, 2020 to March 26, 2020, in accordance with the sanitary measures adopted by the Executive Branch, due the outbreak of the Covid-19 in Paraguay.
By General Resolution No. 43/20 dated March 11, 2020; General Resolution No. 45/20 dated March 16, 2020; and Decree No. 3,457/20 dated March 16, 2020, the Paraguayan Tax Administration enacted several measures in connection with the current COVID-19 outbreak.
The Central Bank of Uruguay (BCU) recently issued a new Communication (2020/038) in connection with the Health Emergency declared by the Executive Branch on March 13, as a consequence of appearance of the coronavirus (COVID-19).
The Plenary of the Judiciary Council, in Resolutions 030-2020 and 031-2020, and the National Court of Justice, in Resolution 04-2020, have resolved as follows.
To guarantee workers’ job stability the Ministry of Labor has issued Ministerial Resolution MDT-2020-077 on emergency workday reduction, modification or suspension during the health emergency declared due to the coronavirus (COVID-19).
The State Pharmaceuticals and Health Technologies Agency (AGEMED), as regulator for all pharmaceutical products and cosmetics, given the public health emergency and the alarming expansion of the COVID -19 virus worldwide, and above all given the presence of confirmed cases in Bolivia, has taken the following measures.
Due to the Sanitary Emergency declared in the country due the COVID 19 (coronavirus), the National Service of Intellectual Rights (SENADI), has informed that all terms that terms to be reached from the 16thuntil the 22th of march, are suspended.
As a preventive measure so that workers can perform their jobs using mechanisms to safeguard their health and lives during the health emergency, and to mitigate propagation of the coronavirus (COVID-19), on March 12, 2020, the Ministry of Labor issued Resolution 076-2020. The measure provides as follows:
As an attempt to mitigate the spread of COVID-19 in Paraguayan territory, the Paraguayan immigration authority (Direccion General de Migraciones) ordered a temporary border lockdown for fifteen days starting on March 16th.
Uruguay’s Executive Branch has resolved that employees of companies affiliated with the Social Security Administration (BPS) who are certified to quarantine due to potential risk of COVID-19 contagion will be paid sickness benefits during the quarantine period. This decision does not cover employee groups not under the BPS system. It also does not stipulate whether employees would be covered under occupational illness insurance by the government insurer Banco de Seguros if the illness is contracted at the workplace and while working.
The General Office of Labor, Hygiene and Occupational Safety, in Communication 07/2020 of March 11, 2020, has noted that with a view to safeguarding the health of workers in the public and private sectors in national territory in connection with propagation of the COVID-19 virus at world level, public institutions and private employers must adopt the following measures.
At 8:00 p.m. on March 10, 2020, Lenín Moreno, President of Ecuador, announced a series of adjustment measures to deal with the havoc caused by the global coronavirus crisis and plunging international oil prices. In a nationwide simultaneous broadcast, he underscored that the government’s general budget for this year had been prepared in a scenario with oil at US$ 55 per barrel, and estimated that losses would be US$ 8 million per day in income for Ecuador due to the drop in the international price of oil.
The Ministry of Public Health and Social Welfare, in concordance with Presidential Decree No. 3,442 “ordering implementation of preventive actions given the risk of expansion of the coronavirus (COVID-19) to national territory,” has established in S.G. No. 90 health measures to mitigate propagation of COVID-19.
Decree approved by Council of Ministers regulates new personal data protection obligations with major changes.
Law No. 6446/19 and its regulatory decree enacted on January 10 created a new register of entities and final beneficiaries.
As is widely known, Bolivia is currently facing a delicate political and social moment that has triggered a civilian strike that includes roadblocks in various departments and cities across the country, making it impossible for work activities to be carried out as usual.
The Executive Branch recently enacted Law No. 6399/ 2019 that modifies law No. 5895. The new law was enacted in response to the 40 recommendations given by the International Financial Action Task Force (known by its acronym FATF).
These articles of the Criminal Procedure Code will return to their original text on February 1, 2020.
The modification now allows alternative measures to be maintained until the end of the criminal process.
This alliance is part of the plan to strengthen anti-money laundering policies carried out by the Financial and Economic Analysis Unit (UAFE), and its objective is to be more effective in complying with the law to recover assets.
Prior to the definitive adjudication in the contracts under the PPP regime, a previous report of the SENACLAFT must be available (which may consult the Unit Information and Financial Analysis) regarding the suitability of the final beneficiaries of the awarded entity and the origin of the funds in question.
The National Internal Audit, the comptroller body in the matter of the Fiscal Transparency Law, has begun to monitor compliance with the regulations.
The agreement is part of a series of measures that address the economic transparency of nonprofit organizations, understanding sports entities as one of the vulnerable sectors within the non-financial obliged subjects.
The Law and the Decree consolidate and update anti-terrorism financing legislation and the application of financial penalties against persons and entities related to terrorism, its financing, and proliferation of weapons of mass destruction.
According to SENACLAFT, the features and purpose of such entities makes them vulnerable to being used by criminal organizations for money laundering or terrorism financing activities.
The objective of this Instructive is to establish specific guidelines for the implementation of the risk management of Legitimation of Illicit Profits, Financing of Terrorism and/or Previous Crimes, in activities developed by the Financial Entities regulated by the Financial System Supervision Authority (ASFI).
In the context of the ongoing negotiations between Mercosur and the European Free Trade Association (EFTA*), the Paraguayan and Uruguayan Industrial Property offices have circulated the list of geographical indications and appellations of origin provided by EFTA with a view to their protection in Mercosur.
On September 25th, 2019, the Executive Branch enacted the Law N° 6.380 of “Modernization and simplification of the national Tax System” (the “Law”). The Law will enter into force within 90 days after its enactment.
The new law seeks to protect personal information that for any reason must be shared in order to access certain products or services.
As from September 1, 2019 the Uruguayan Patent Office has made available to patent applicants with applications filed prior to January 1, 2017, a Pilot Procedure for taking Advantage of Results (PAR).
The works will consist in the construction of a 450-meter cable-stayed bridge over the Paraguay River, between Asunción and Chaco’i, as well as the paved accesses to the bridge. The execution term of the works is 36 months with an expected start in the year 2020.
Corporate Oversight Authority (AIN) inspections are underway to verify compliance with ultimate beneficiary identification rules.
The Republic of Paraguay (the “ROP”) will tender turnkey works for USD 760 million under the framework provided in Law 5.074 / 13 (“Law 5074”).
Deputy Minister of Mining (Fernando Benalcázar) told El Comercio that the mining cadastre is scheduled to open in the first half of 2020.
On June 28, 2019, Paraguay enacted Act No. 6324/19. The Act grants sovereign guarantee to debt related with certain projects for the distribution and transmission of electric power by the Administración Nacional de Electricidad, the government´s utility company. This is a major shift in the way ANDE has been structuring bidding processes´ and will allow greater participation of the private sector, especially on the financing side of the transaction.
The Paraguayan Central Bank (the "BCP"), by its Resolution No. 10, Act No. 49 of July 12, 2019, amended and broadened the rules regarding the fees and charges for administration and operation of credit and debit cards.
The governmental agency responsible for enforcing the competition framework in Paraguay (Comisión Nacional de la Competencia or “CONACOM” for its Spanish Acronym), issued a new resolution raising the applicable fees for merger control filings.
On March 6th, 2019, the Secretariat of Prevention of Money Laundry (“SEPRELAD” as per its Spanish acronyms) issued the Administrative Order N° 56/19 (the “Order”).
FERRERE acted as special Paraguayan counsel to BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., and Itau BBA USA Securities, Inc., as initial purchasers, in the offering and tender offer by Telefónica Celular del Paraguay S.A.E. of US$300 million 5.875% Senior Notes under Rule 144A and Regulation S, due 2027.
In March 2019, the Paraguayan National Securities Commission, or "CNV", issued Resolution No. 1/2019 the "Resolution"), contemplating key provisions relating to the offering of securities in Paraguay.
In November 12 anticorruption bills were filed at Congress to reinforce Paraguay’s anticorruption framework.
Public notaries must identify the ultimate beneficiary of the service and verify its identify prior to providing the notarial service.
Bolivian congress is considering a bill of Law whose objective is to draw up a strategy to fight against the legitimization of illicit profits and the financing of terrorism.
On March 15, 2018 the SITPRECO system was implemented. SITPRECO is a computer information system of the Ministry of Justice and institutional transparency containing information on transparency, prevention and fight against corruption.
Its objective is to specify details (that did not contain the previous rule) regarding the policies, procedures and mechanisms to prevent money laundering, terrorist financing and other crimes, which must observe the obliged subjects or companies, regulated by the Superintendence of Companies, Securities and Insurance.
This evaluation process will consist of preparation of questionnaires, visits by evaluators, and publication and follow-up on the evaluation for purposes of assessing where the country is per international standards.
This national strategy contains a detailed action plan that establishes 16 objectives, with specific targets and actions for mitigating the risks identified in the different areas.
Parliament is studying a bill of law seeking to bring national legislation in step with international anti-terrorism standards.
During 2018 entities have been complying with the obligations set forth in the Tax Transparency Law, No. 19,484.
This Secretariat estimates that the total number of regulated persons will be approximately 30,000.
During 2018 the National Anti-Money Laundering and Terrorism Financing Secretariat (Senaclaft) continued the visits and inspections it had been conducting systematically in 2017 of the various regulated nonfinancial persons and entities.
The BCU and the Senaclaft are in the process of preparing regulations for the financial and nonfinancial sectors under Law No. 19,574.
The purpose of the law is to codify, systematize and update current anti-money laundering provisions.
On June 12, 2018, Decree 9,043/18, which regulates Law 5,895/17 "Which establishes rules of transparency in the regime of companies by shares", was enacted.
The BCP issued Resolution 14/18, establishing rules for the purchase by banks, financial or other supervised entities of consumer credit portfolios to persons or companies not supervised by the BCP.
Through Law No. 6,104, enacted on July 3, 2018, the organic law of the Central Bank of Paraguay ("BCP") was amended, establishing a series of regulations aimed at improving compliance in the financial sector.
Recently, the Constitutional Chamber of the Supreme Court of Justice (the "SCJ" for its Spanish acronym) issued Decisions No. 484 dated July 4, 2018 and No. 831 dated September 12, 2018.
With this law, Bolivia has taken important steps towards transparency and exchange of tax information, aligning local regulations with international standards.
We detail the most relevant aspects regarding the regularization of tax debts in the different scenarios.
In his report to the nation on May 24, 2018 the President of the Republic, Lenin Moreno, delivered to the National Assembly an urgent economic bill of law titled Organic Law for Productive Development, Attraction of Investments, Job Creation and Fiscal Stability.
Three Internal Revenue Resolutions on the mining sector were published in Official Registry Supplement No. 202 on March 16, 2018.
The only modification consists on the incorporation of banking and finantial entities under the regulation.
Resolution SS.SG No. 213/17 and Resolution SS.SG. No. 214/17.
Selected Folders | Order | Delete | |
|---|---|---|---|
| Delete all | |||