LatAm
NPL and REO transactions continue to take off in Latam, Spain and Portugal
NPL transactions continued to take off in the third quarter of 2021. A growing interest in NPL securitizations has been perceived, especially in Spain. In Europe, meanwhile, talks continue on two key topics: the draft directive on credit purchasers and credit servicers – which has made great progress –, and talks on the European Banking Association’s templates aimed at simplifying NPL portfolio transactions. The gradual disappearance of forbearance programs and other support measures in Latin America, Spain and Portugal are fueling very reasonable estimates on the forthcoming launch of new transactions.Social bonds gain ground in Latin America
Latin America and the Caribbean was the region with the fastest growing thematic bond market globally. This context prompts interest in the impact of sustainable investment and the potential of social bond issuances in Latin America, as well as how the legislation has evolved in each jurisdiction. In this article, we deal with the current situation in Chile, Colombia, Mexico and Peru.Mexico: Proposed energy counter-reform
On September 30, 2021, the Executive Branch of the Mexican Federal Government submitted a bill to amend articles 25, 27 and 28 of the Political Constitution of the United Mexican States (the Reform Bill). If approved, this measure would, among others, repeal the constitutional reform of the electricity sector passed on December 20, 2013 (the 2013 Energy Reform), restore the state-dominant position in Mexico’s electricity industry through the Federal Electricity Commission (CFE) and limit and control private participation in power generation, removing at a stroke the regulatory agencies that currently govern the national electricity system and the wholesale energy market.Infrastructure Law Firm of the Year: Southern Cone, according to Latin Finance
Garrigues has added another regional award to its collection after being named Infrastructure Law Firm of the Year: Southern Cone by financial publication Latin Finance at the Project & Infrastructure Finance Awards, which recognize the best Latin American projects and finance deals in the infrastructure sector. Six financing deals advised on by Garrigues, in the specific areas of social infrastructure, digital infrastructure and telecoms, energy and ports, were also winners.Chile: e-commerce regulations published to promote transparency in consumer information
On September 23, 2021, Supreme Decree No. 6 of 2021 of the Ministry of Economy, Development and Tourism was published in the Official Gazette approving the Electronic Commerce Regulation. The purpose of this regulation is to strengthen the transparency and quality of the information provided to consumers on e-commerce platforms in order to encourage informed decision-making, and thus strengthen consumers' right to free choice.Garrigues Mexico: Socially Responsible Enterprise for the sixth consecutive year
The Garrigues office in México has, for the sixth consecutive year, received the Empresa Socialmente Responsable (ESR® 2021) award granted by the Mexican Center for Philanthropy (Centro Mexicano para la Filantropía or Cemefi) and the Alliance for Corporate Social Responsibility (Alianza por la Responsabilidad Social Empresarial or AliaRSE) to enterprises that comply satisfactorily with the standards established in the areas of corporate social responsibility.Chilean IRS (Servicio de Impuestos Internos) issued new instructions to implement the registration under the Registry of Foreign or International Financial Institutions
On August 13, 2021 the Chilean IRS (Servicio de Impuestos Internos) issued Exempt Resolution No. 95 (Resolución Exenta No. 95), establishing the instructions to implement the registration under the new voluntary Registry of Foreign or International Financial Institutions as well as establishing the format by which a lender must provide the Borrower a statement confirming that it has not entered into a structured agreement (acuerdo estructurado) in accordance with Article 59 N°1 (b) of the Chilean income tax law (Ley de impuesto a la renta).