Search results for

Law number 228, of December 24 2012 (the 2013 Stability Law) has introduced provisions regarding a new financial transactions tax (FTT) as part of the austerity measures and tax hikes recently implemented.

In the latest twist to the Cœur Défense case, a Versailles court has recognised creditors’ rights. The counsel who pleaded the case explains the rulings

Julieta Rodriguez Molina In this era of increased globalisation, the need for strategically located regional headquarters is paramount. Multinational companies are dividing their operations in homogeneous markets so as to allow them to more effectively address key differences between regions, which in turn allows for closer interaction with consumers, clients and stakeholders, which will ultimately help these companies to achieve sustainable long-term growth. Ideally situated in the middle of Latin America, the Republic of Panama offers the best environment for any multinational company establishing a regional headquarters. As of January 1 2012, 63 international companies have already established regional branches in Panama, including Samsung Electronics, LG, DHL, Dell, Hutchison Port Holding Group, HSBC, Maersk, Scotia Bank, Assicurazioni Generali, Tetrapack, PSA Peugeot Citroen, General Electric, Johnson and Johnson, Caterpillar, Procter & Gamble, Unilever and McDonalds.

Claudia Bonelli Pedro G Seraphim In every analysis of Brazil's potential for growth and international competitiveness, a very common word is bottleneck. Indeed, Brazil has several of these, especially when the subject is transportation infrastructure. Crowded airports, poorly maintained federal roads, a scarce railroad system, insufficient public transportation in the big cities, and absolutely deficient ports. Indeed, these factors have affected the country's agricultural, industrial and exportation competitiveness, and have certainly played an important role in Brazil's weak GDP performance in recent years. There is a relative overall improvement in the country's macroeconomic condition, aided by maintaining the ninth largest internal market in the world. Brazil has been raised to 48th place on the World Economic Forum's Global Competiveness Index 2012-2013, but it drops to 79th position when it comes to the quality of transport infrastructure.

Daniel Futej Rudolf Sivak This article provides a brief overview of important legislative changes in Slovak tax legislation which have recently come into effect. Based on the amendment to the Income Tax Act, as of January 1 2013, Slovakia no longer has a flat rate tax for companies (legal persons) and individuals. The tax rate for companies increased from 19% to 23%. As regards individuals (natural persons), two tax rates exist, and these will be applied in the following way:

Oscar Arrús Over the past 10 years, infrastructure and public service projects in Peru have increased both in number and in size. These projects are mostly carried out through concessions: government contracts signed with private companies through which they are granted the right to operate such projects and receive the cash flows they generate. The start-up capital required to perform these contracts is usually provided by private investors, either through offerings in the securities market or syndicated loans provided by multilateral entities or private banks, and secured by the cash flow generated by such projects.

Carlos Fradique Méndez Adriana Ospina-Jiménez Leading global financial institutions, asset managers and multi-product investment advisers are among the foreign entities that are increasingly showing their interest in promoting their cross-border, financial and securities-related services to Colombian investors. These foreign entities are especially targeting Colombian pension funds, the most important institutional investors in the Colombian financial sector, as they have approximately $65 billion AUM and growing at a 25% rate per year. The growing interest of these foreign entities is mainly due to (i) Colombia's sound economic growth (preliminary figures indicate that real GDP grew by approximately 4.8% during the first quarter, 4.9% during the second quarter and 2.1% during the third quarter of 2012); (ii) Colombia's high level of foreign direct investment; (iii) its reliable legal framework (as indicated in the World Banks's Doing Business 2013: "Colombia is a regional leader in narrowing the gap with the world's most efficient regulatory practice"); and, (iv) the upgrade to investment-grade status in 2011 by Moody's Investor Service and Fitch Ratings.

Distributors of foreign QIFs must soon adapt to the revised Swiss rules. Here’s what they need to do

Forum shopping in sovereign insolvency proceedings, including NML v Argentina, reveals the need for an international insolvency regime

Stamatiou Costas On February 21 2013, the Cyprus Securities and Exchange Commission (CySEC) issued a circular addressed to Cyprus investment firms (CIFs) to draw their attention to the obligations attached to their freedom to provide services in other EU member states (host member states). The provision of services under the freedom to provide services means that a CIF provides services freely in the host member state without having a physical presence there, for example through its website. Different arrangements apply if the CIF has employees or representatives physically present in the host member state acting on its behalf. These are contained in article 76 of the Investment Services Law, which regulates the establishment of a branch or the appointment of a tied agent attached to a branch established in the host member state. A CIF providing investment services in a host member state under the freedom to provide services must notify CySEC of its intention to do so in accordance with article 79 of the Investment Services and Activities and Regulated Markets Law of 2007, as amended (the Investment Services Law). Article 79 stipulates that a CIF may not start to provide services or perform activities in the host member state until it receives notification from CySEC that the competent authority of the host member state has been informed of its intention to provide services there.