FERRERE partner Javier Robalino analyzes Ecuador’s investment reality in depth in the article “Creating Legal Certainty for Investors,” published by LatAm Investor.
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.
Javier Robalino Orellana, Ferrere’s managing partner in Ecuador, chaired the panel “The future of sanctions enforcement: a game of thrones?” Annual IBA Conference in Seoul, South Korea.
Lindsay Sykes will be a speaker at the 6th Latin Lawyer Live M&A Conference where she will address cross-border deal-making in a fast changing world of compliance.
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 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.
Javier Robalino, Managing Partner at FERRERE Ecuador lectured in the Paris Arbitration Week.
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 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.
Seizures and awareness campaigns.
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.
Gnvgroup has a history of developing business zones in Latin America.
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).
The transaction amounted to USD18 million.
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.
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.
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.
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 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.
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.
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.
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.
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.
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.
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 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.
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.
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.