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Legal interpretation of reinsurance agreements

Mario E Juarez Foreign reinsurers carrying out transactions in Mexico or performing legal acts having effects in Mexico must comply with certain legal requirements. For instance, according to the General Law of Insurance Companies (the Insurance Law), local insurance companies (the local insurers) can only enter into reinsurance transactions with foreign reinsurers registered in the National Registry of Foreign Reinsurers (the registry), maintained by the Mexican Ministry of Finance (SHCP).

IFLR Correspondent, January 28 2011

Nominee: sole successor and not trustee?

Recently, the Supreme Court of India (Supreme Court) in Ram Chander Talwar and Anr. v. Devender Kumar Talwar 2010 (9) UJ 4761(SC) held that a nominee to the deposits in a bank account does not get the rights of a successor for those deposits.

January 28 2011

Inflation Adjustments for 2010

Pursuant to the provisions of the Dominican tax code, the General Internal Revenue Department, based on information supplied at the end of each year by the Central Bank of the Dominican Republic, on the basis of changes in the consumer price index, released the multiplier with which inflation is to be calculated and adjusted for all tax purposes.

January 28 2011

Tax treatment of interest relating to foreign indebtedness

Robert Samir Kuster David Bedoya Carlos Fradique As a result of a number of recent amendments to Colombian tax law, interests paid in respect of foreign indebtedness are now generally subject to a 14% income tax withholding. During November 2010, the Colombian government made a number of changes to the tax treatment of such payments under Decree 4145 of 2010 issued by the Ministry of Finance and, subsequently, in December 2010, Congress issued Law No. 1430 of 2010 which addressed the same matter.

January 28 2011

Cancellatory cheques

Effective as of November 23 2010, the Argentine Central Bank approved the use of cancellatory cheques. These differ from regular cheques in that they are not a payment order but instead an instrument that has the effect of constituting payment upon delivery of the cheque to the payee.

January 28 2011

Bouncing back

The German market will make a comeback in 2011. Expect more senior facilities with mezzanine or high-yield bonds and greater mittelstand buyout activity

January 28 2011

Consider notification

Despite the non-binding nature of the process, voluntary notification in Indonesia is now viable. It could mitigate future sanctions in the country

January 28 2011

A stricter regime

The Committee’s formal rules apply a more demanding approach to determining leverage ratios and liquidity requirements than risk-weighted assets

January 28 2011

Transition time for takeovers

An overhaul of Ukraine’s takeover rules will soon come into effect, creating challenges for companies seeking capitalisation. And there are more changes proposed

January 28 2011

Securities broker-dealer regulation

Nobuharu Sakai The Act Partially Amending the Financial Instruments and Exchange Act, Etc. which was promulgated on May 19 2010 (2010 Amendment) introduces regulation and supervision of operators of Type I financial instruments businesses on a consolidated basis. Provisions relating to this introduction will become effective on April 1 2011.

January 28 2011

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