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August 2010
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SECURITIES CASES AGAINST FOREIGN CORPORATIONS: U.S. SUPREME COURT DECISIONBy: Margaret Perez, Miami Office
In this article, Margaret Perez provides the factual and procedural background of the case and discusses the new test adopted by the U.S. Supreme Court to bar securities fraud claims by purchasers of securities on foreign exchanges. INDIA’S GLOBAL EXPANSION: EYEING LATIN AMERICABy: Sumeet Chugani, Miami Office
In this article, Sumeet Chugani discusses the trade and existing commercial relations between India and Latin America. This article identifies sectors of mutual interest and their growth potential with a view to highlight Indian corporate involvement in Latin America. LEGAL CHALLENGES IN MERGING MEXICAN AIRLINESBy: Ricardo Ortiz Gil Lamadrid,Delegación Benito Juárez, Mexico 03810 Office
In this article, Ricardo Ortiz provides a general overview of the merger system in Mexico, followed by some of the key considerations including integration of unionized employees and financial issues that can pose as stumbling blocks to the merger. ANTI-TREATY SHOPPING: CHINESE TAX AUTHORITIES’ NEW TRENDS TOWARD NON-TAX RESIDENT ENTERPRISESChina has a number of tax arrangements with foreign countries, including Barbados, Hong Kong and Singapore. In recent years, more and more offshore companies have been set up in jurisdictions whose tax treaties with China would lead to a preferential policy regarding avoidance of double taxation. Last year, the China State Administration of Taxation released a number of circulars to make it clear that they will look at ‘substance over form’ when analyzing offshore holding structures. It was further clarified that tax treaty relief will not be granted to companies that have simply been set up for the purpose of 'tax treaty shopping' in order to avoid or reduce taxes. In this article, Samantha Hu provides an update and closely analyses these recent tax regulations, ensuring you stay up to date on tax developments important to your business. TWO NEW U.S. SUPREME COURT DECISIONS WILL LIKELY IMPACT COMPANIES DRAFTING OF ARBITRATION PROVISIONSTwo recent decisions from the U.S. Supreme Court present significant new developments on the scope and interpretation of the Federal Arbitration Act. In Stolt-Nielsen S.A. v. Animal Feeds Intern Corp, the Court held that imposing class arbitration on parties that had not consented to it is inconsistent with the Act. In its more recent decision, Rent-A-Center, West, Inc. v. Jackson, the Supreme Court held that a court may not intercede where an arbitration agreement delegates the decision of the arbitration agreement’s enforceability to an arbitrator. Will these two decisions affect the manner in which companies draft future arbitration provisions? In this article, Gerardo Rodriguez provides detailed analysis of the two decisions, and explores significant arbitration issues currently percolating in the courts. BEIJING AND TAIWAN WORK CLOSER TO BRING MORE OPPORTUNITIES IN THE GREATER CHINA REGIONOn June 29, Mainland China and Taiwan finalized the long awaited Economic Cooperation Framework Agreement and the Cross-Strait Intellectual Property Rights Protection Agreement. The signing of the two agreements signals a new phase of the cross-strait relationship and serves as a harbinger for increased business opportunities as a result of free trade of goods and services between the regions. The parties also promised to reduce and eventually eliminate tariffs and non-tariff barriers on majority of products. Joe Zhang closely examines the industries that will be affected and the opportunities that will arise in these specific industries by the execution of the agreements. WILL PAYPAL THRIVE IN CHINA? – CHINA’S NEW REGULATION OF THIRD PARTY PAYMENT SERVICESOn June 21, 2010, the central bank of China issued long-awaited regulation for third-party payment providers. According to the regulation, non-bank payment service providers must apply for a license from the central bank and use banking institutions as agents when they transfer capital from each other. In addition, payment providers must keep customers’ funds in a trust account and submit financial reports and client information to the central bank. In this article, Vincent Li considers how these significant changes will affect companies, such as Paypal and highlights the advantages of using third party payment services over the credit card payment methods. Specific issues relating to licensing requirements and operational standards are also discussed. |
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On July 11, 2010, Spanish midfielder and the eventual man of the match Andrés Iniesta, scored a sensational goal in extra time to make Spain win the 2010 World Cup. In this interesting article, Sumeet Chugani mentions of another unsung hero of the World Cup - an up-coming Indian IT company which had succeeded in obtaining and maintaining one of the most lucrative international contracts with FIFA. Mahindra Satyam recently also signed a new contract with FIFA to provide technological services for the 2014 World Cup in Brazil. In the same vein, a number of other Indian companies are considering not just tying up with major sports leagues in Latin America but venturing to expand their businesses in the region. 
In these less certain economic times, it is not surprising that there is a sharper focus on mergers of companies that are facing financial difficulties. In the same light, there has been some debate in the Mexican press relating to the proposed merger between Aeromexico and Mexicana, the two largest Mexican airlines. As with any proposed merger of this magnitude, this one will be carefully examined by federal authorities to determine if its potential benefits for consumers outweigh the potential negative effects of impairing competition. 